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- Ethereum Price Outlook: Ethereum is struggling to determine its direction within a narrow range of the (EMA) for 20 and 50 days.
Ethereum's network experienced $52.5 million in futures liquidations over the past 24 hours, led by long positions totaling $30.6 million, according to Coinglass data.
Ethereum is currently testing the 20-day exponential moving average, which is above the psychological support level of $3000, a support level maintained throughout the weekend. Meanwhile, this leading altcoin faces resistance near the 50-day exponential moving average at around $3130.
Daily ETH/USDT Chart
A strong move above the 50-day EMA could push ETH to test the resistance level at $3260, which is just below the 100-day EMA, that caused prices to decline last Wednesday.
A breakdown below the 20-day EMA could find support for Ethereum near $2900.
The Relative Strength Index (RSI) and the Stochastic (Stoch) are trending downward and testing their neutral levels. A sharp decline below these levels could accelerate the bearish momentum.