ETHUSD (Ethereum) has been trending downwards since early April when the 3,570 region rejected its upside impetus. Although the cryptocurrency found its feet in the last couple of sessions, it currently appears to be lacking the necessary momentum to storm higher.
The short-term oscillators reflect that the bearish forces are retaining control. The MACD histogram is currently below both zero and its red signal line, while the RSI is hovering beneath its 50-neutral threshold.
Should negative momentum intensify further, the price could challenge the recent low of 2,780. Piercing through this level, the bears might aim for the March strong support region of 2,500. If that floor collapses, further downside moves could reverse at the 2,160 hurdle, which is the lowest price level observed in 2022.
On the flipside, if bullish forces emerge and regain the upper hand, immediate resistance could be met at the 3,050 region, which overlaps with the 200-day simple moving average (SMA). Conquering this barricade, the spotlight may turn to 3,300 before the price tests its recent reversion point of 3,570. A jump above the latter obstacle could pave the way for the 4,500 barrier.
Overall, even if ETHUSD managed to halt its decline, the overall outlook remains bearish. For that negative tone to alter, the price needs to initially jump beyond the 3,050 mark.
