Ethereum Faces Hurdles Below Key Resistance

Ethereum is trading at $2,300 as of September 16, 2024, after fluctuating between $2,261 and $2,416 in the past day.

Despite a market cap of $277 billion and a $15.46 billion trading volume, technical analysis suggests a bearish trend. On the 1-hour chart, a recent drop from $2,428 to $2,251 shows potential for a short-term bottom if price breaks $2,300 with strong volume.

The 4-hour chart shows easing selling pressure, signaling possible bullish momentum. However, the long-term daily chart highlights a downtrend from $2,823 to $2,149, with the $2,149 level critical for support. Technical indicators remain mixed, pointing to both bullish and bearish possibilities.

Clever Robot News Desk 17^th September 2024