Ethereum (ETHUSD) experienced a modest decline in its recent intraday session, primarily constrained by a strong resistance level at $2,640. This resistance is reinforced by the 50-day Exponential Moving Average (EMA50), which is exerting additional downward pressure on the price.
The cryptocurrency is currently grappling with these hurdles while attempting to build positive momentum that could help it break above this resistance zone. Meanwhile, technical indicators, particularly the Relative Strength Index (RSI), signal that Ethereum is in an overbought condition. Negative signals from the RSI suggest a potential correction or consolidation phase.
Despite these challenges, Ethereum is finding support along a key short-term bullish trendline, which may provide a foundation for recovery if the buying interest sustains.
Investors should watch closely for a decisive move above the $2,640 resistance and the EMA50 to confirm a renewed upward trend.
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