The price of Ethereum is expected to break through the resistance cluster and reach $3,200
Bulls are aiming to attack a resistance cluster, which will likely decide the future direction of ETH for the rest of the month.
Bulls are finding it difficult to break higher as sellers continue to refuse movements above the resistance cluster.
Rejection at a higher level might drop ETH below the $2,000 mark.
The Ethereum price is now trading against numerous resistance levels at $2.700. Buyers maintained ETH above those levels for the most of the New York session, but selling pressure returned as the typical trading day came to a finish, and a’sell the rise’ mentality took control.
Before hitting its last barrier at $3,200, the Ethereum price must close above $2,800.
The price of Ethereum is approaching a critical juncture. The $2,700 value region is shared by the lower trendline of a previous bull flag (shown as a linear regression channel), the Tenkan-Sen, and the Kijun-Sen. The latest obstacle blocking purchasers from initiating a fresh rally for Ethereum is $2,700.
To maintain control of the Ethereum price, bears must prevent ETH from closing below the resistance cluster around $2,700 on a daily basis. This would provide bears with the necessary confirmation signal to commence a fresh wave of selling, pushing ETH down to the $1,800 price level.
A closing over $2,900 would likely mark the start of a fresh positive momentum move, moving Ethereum price back within the Ichimoku Cloud and ending most of the sellers’ present power.
Bulls will eventually need to challenge the top of the bull flag as well as a high volume node in the volume profile in the $3,200 value range.