Cryptocurrency analysts name key factors for Ethereum growth

The leading altcoin Ethereum ETH $3,293.88 Bridged Ether (StarkGate) -1.90% Market capitalization $0.28 billion VOL. 24 hours $2.17 billion is sinking below $ 2,650. The current situation on the crypto market indicates the possibility of further fluctuations as the price tries to gain a foothold above important resistance levels.

Ethereum tried to stay above the $ 2,700 level, but failed to overcome the resistance and dropped to $ 2,575. Although the price has recently recovered to $ 2,600, several important barriers stand in the way of further growth, including resistance at $ 2,630, which forms a key bearish trend line.

If ETH manages to break through the resistance levels at $ 2,650 and $ 2,665, it could lead to further growth. In this case, the price could rise to $ 2,700 or even reach $ 2,720 or $ 2,800. However, the current market dynamics indicate the need to be cautious about possible downturns.

If Ethereum fails to overcome the resistance at $ 2,630, the digital token is likely to continue to decline in value. The first significant support is the $ 2,600 level, but its breakout could lead to a drop to $ 2,550 or even $ 2,500 in the short term. If the situation deteriorates further, the price could fall to $ 2,450 or even $ 2,320.

Technical indicators suggest that market momentum is weakening. The Relative Strength Index (RSI) remains below 50, indicating that bearish sentiment is prevalent. To resume the bullish trend, analysts emphasize that ETH needs to gain a firm foothold above key resistance levels.