- Ethereum price extends pullback from four-month high after reversing from key technical resistances.
- Higher-high in ETH prices contradicts lower-high on RSI to back bearish bias targeting 200-day SMA.
- Multiple supports to challenge ETH/USD downturn, bulls need $2,925 breakout for conviction.
Ethereum (ETH/USD) stays under pressure for the second straight day, pulling back from key technical resistances near the four-month high reached earlier. As of Thursday’s US session, ETH/USD trades with mild losses around $2,650.
The latest decline follows Ethereum’s failure to break above a rising trendline from late February and a five-month-old horizontal resistance zone. Adding to the bearish case, price action shows a higher high while the 14-day Relative Strength Index (RSI) forms a lower high — a classic bearish divergence.
Still, multiple technical support levels remain in place and are likely to challenge sellers repeatedly, making Ethereum’s path to further downside slow and uncertain.
ETH/USD: Daily chart depicts bearish RSI divergence to lure sellers
Source: Tradingview
Bearish RSI divergence and Ethereum’s failure to break key resistance levels push the price toward the 200-day Simple Moving Average (SMA) support at $2,651.
Below that, a month-old rising trendline near $2,420 and a nine-week ascending support line around $2,370 act as key downside checkpoints. If ETH/USD breaks below $2,370, a strong support zone formed over four months — including the 100-day SMA — between $2,150 and $2,100, will be tough for sellers to crack.
On the flip side, a rising trendline from February 25, currently near $2,830, caps immediate recovery attempts of the ETH/USD pair. Above that, horizontal resistance between $2,845 and $2,925, built from levels since early January, stands in the way of buyers.
A break above $2,925 opens the door to challenge the $3,000 psychological level, which is the final resistance before ETH bulls may aim for the late January swing high near $3,440.
ETH/USD: Four-Hour chart signals limited downside room
Source: Tradingview
Unlike the daily chart, the four-hour view of Ethereum (ETH/USD) suggests limited downside, even if the price retreats from the 38.2% Fibonacci Extension (FE) of the May–June move.
Key support levels include the 200-bar Simple Moving Average (SMA) at $2,572 and an upward-sloping trendline from early April, near $2,370. If those levels break, ETH bears may target the $2,000 psychological level, in addition to the support levels discussed on the daily chart, and the early-May swing high around $1,875.
Alternatively, a clear break above the 38.2% FE resistance at $2,871 could allow bulls to aim for the 50.0% and 61.8% FE levels, around $3,035 and $3,210 respectively, before testing further resistance zones on the daily chart.
Overall, Ethereum may see the much-awaited pullback in prices, but the downside room appears limited.
