- Ethereum’s value is stuck below a serious $2,660 obstacle zone.
- Traders expect a possible drop if ETH cannot push above this hurdle.
- Those located at $2,450 and $2,300 could prevent further losses if the selling rate falls.
ETH is fluctuating around $2,640 and facing formidable resistance at $2,660. This level is creating a decreasing Order Block, which increases the chance of rejection. If it fails to climb above $2,660, it could retrace to $2,450 or $2,300. Shareholders are paying close consideration since a 4-hour candle close above $2,660 could invalidate the reduction situation and change the financial direction.
Rejection at $2,660 Could Lead to a Drop
The coin’s inability to surpass $2,660 is raising concerns about further selling declines. If the trading pair cannot break through this barrier, it may result in downward movement. Individuals holding short positions are focused on this level. The failure to breach $2,660 could result in to a retracement, pushing Ethereum to test the support levels. The next key levels are $2,450 and $2,300.
$ETH Technical Analysis#ETH is trading around $2640, with a strong Bearish Order Block near $2660—high probability of rejection.
If $2660 holds as resistance, a retracement toward $2450 is likely.Note: Any 4H candle close above $2660 will invalidate the setup, and I’ll close… pic.twitter.com/JR8I6KgbW0
— Crypto Patel (@CryptoPatel) October 14, 2024
The price action at $2,660 is a strong indicator of market sentiment. If Ethereum faces rejection here, the bearish trend could continue, possibly triggering a larger decline. This raises the question: will Ethereum break this critical resistance, or will the bearish viewpoint dominate?
Support Levels at $2,450 and $2,300 Hold Weight
If Ethereum fails to break above $2,660, traders will turn their focus to the support levels. The first critical support stands at $2,450, a possible level where the price may pause. However, if this support fails to hold, Ethereum could drop further toward $2,300.
These areas are essential for traders seeking to buy at a dip. The $2,450 and $2,300 levels are likely to attract buyers if a retracement occurs. However, without a break above $2,660, bearish pressure is likely to continue.
Importance of Candle Closes
The 4-hour candle close near $2,660 will be crucial for marketers to watch. A close above this point would invalidate the slumping trajectory and lead to a rising track. Short sellers are likely to close their positions if this happens. However, if the cost stays beneath $2,660, the bearish scenario remains intact. Traders are advised to track the candle closings for possible signals of trend reversals.