Ethereum Struggles Below Key Resistance as Monthly Close Nears $2,100

Ethereum Struggles Below Resistance

Ethereum has been unable to break through critical resistance levels for over a year.
Recent analysis indicates more weakness in price action and potential for further declines.
Analyst Tony Severino noted Ethereum's failure to overcome the quarterly Parabolic SAR, indicating a prolonged downtrend.
Repeated rejections from the quarterly SuperTrend dynamic resistance suggest buyers are losing control.

Risks of Monthly Close Below $2,100

Ethereum is currently trading below $2,200 and nearing a critical support level at $2,100.
A monthly close below $2,100 could lead to significant price drops, as indicated by the quarterly Bollinger Bands.
The upper Bollinger Band is at $4,190, with the lower band at $2,098, highlighting the importance of the $2,100 threshold.

Ethereum is trading at $2,178, having gained 2.2% in the last 24 hours. Market sentiment is currently at its lowest level this year. The coming weeks will be crucial for Ethereum to avoid a monthly close below $2,100.