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- 🎄 Gate Square · Christmas Warmth Creation Event
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The price of Ethereum (ETH) finds support, but still faces resistance.
Gate News bot reports that NewsBTC states that Ether (ETH) continues to trade above $2500, demonstrating resilience, but the price movement on the 4-hour chart indicates that breaking through the resistance level of $2675 to $2700 remains a significant challenge. The area highlighted in the chart has repeatedly acted as a rejection zone since the beginning of June, limiting the bullish attempts to break through the current range.
The price recently touched the resistance area again but failed to maintain momentum, leading to a pullback to the 200-day moving average. Currently, it forms a short-term support level around $2575. ETH is currently slightly above that level, and bulls must hold this area to avoid a drop to the downside support level near $2500.
This pattern indicates a continued consolidation between clear support and resistance levels, with the 50 and 100 moving averages flattening out—this is a sign of market indecision. The trading volume has also slightly decreased, reinforcing the view that the market is waiting for a catalyst.
(Source: Trading View)