Ethereum Is in Decline as It Faces More Rejection at $3,040

Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price rise has been restrained by the 21-day SMA resistance line as it faces more rejection at $3,040. Since the April 13, 2024 price drop, the bears have dominated the bulls. The price has repeatedly been attempted to be held above the moving average line by buyers. When the cryptocurrency crosses above the 21-day SMA, selling pressure will increase.

On May 15, Ether encountered the 21-day SMA and was repulsed. ETH/USD is gradually decreasing, reaching a low of $2,952.If Ether loses its current support, the altcoin will go further lower, reaching $2,850. Nonetheless, the decline will begin if the bears break below the $2,850 support.

Technical indicators:  
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
 
Ethereum Indicator Analysis 
For the past month, the moving average lines have been sliding southward, with the 21-day SMA acting as the resistance line. The resistance line was breached twice, but the bulls were swamped at the most recent high. The price bars for Ether are below the moving average lines, indicating that the altcoin may be on the decrease.
 
Conclusion  
Ether has been falling over the last 48 hours as it faces more rejection at $3,040. Ether is currently trading above its current support at $2,908 and resistance at $3,040. The largest altcoin is now in a tight range. If the bears continue their bearish trend, Ether will fall to its previous low of $2,850. In the meantime, the crypto signal is negative because the altcoin is in a downward trend. 

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