Weekly Recovery Under Pressure
ETH has struggled to sustain its recovery after reaching $2,807, where price met resistance near the weekly 0.618 Fibonacci retracement at $2,705. The subsequent rejection has seen Ethereum retreat sharply, raising questions about the strength of the developing medium-term uptrend.
Important Support Zone Lost
Price has now closed below the key $2,464 support area, which previously acted as resistance on several occasions. Bulls need to reclaim this zone convincingly to prevent the recent breakdown from developing into something more significant.
Weekly EMAs Remain Bullish
The 21/8-week EMAs remain bullishly crossed, although both averages are beginning to contract as price pulls back into them. This leaves the medium-term recovery technically intact, but the loss of momentum is becoming increasingly apparent.
Limited Support Below
The recent low at $2,282 represents the immediate area for buyers to defend. A break beneath this level would further weaken the recovery, particularly with relatively little established weekly support between current prices and the lower trading range.
Momentum Losing Strength
RSI has retreated towards the 50 level, reflecting the recent loss of bullish momentum. Meanwhile, StochRSI continues to fall towards mid-range, suggesting that the market has yet to demonstrate a convincing improvement in buying pressure.
In Summary
Ethereum's weekly chart is showing increasing signs of weakness following its rejection from the 0.618 Fibonacci retracement. The loss of the $2,464 support zone is particularly concerning, although the bullishly crossed weekly EMAs suggest the broader recovery has not yet been completely undermined. Bulls now need to reclaim broken support and establish renewed buying momentum. Until that happens, the recent low at $2,282 remains vulnerable, with relatively little established support beneath it.
