Ethereum price is currently in a critical phase after failing to break through the key resistance level of $2,400, thus creating uncertainty in the market.
At the time of writing, Ethereum price is currently at $2,319.50, up 0.05% since it opened early Wednesday in Asian trading.
Previously, ETH showed positive momentum when it jumped from around $2,180 to a high of $2,417, but selling pressure began to appear at the resistance zone.
Currently, Ethereum is still holding above the $2,300 level and the 100-hour moving average, indicating that the short-term structure is still bullish.
As long as the price remains above this zone, the opportunity for another attempt to break through $2,400 is still open.
If successful, ETH has the potential to continue its rise towards $2,480 and then to the $2,550 to $2,620 zone.
However, downside risks cannot be ignored. A continued failure to break above $2,400 could trigger a price correction.
If the $2,300 level is broken, ETH is likely to drop to around $2,270, and could even retest the key support at $2,180.
Technical indicators also show weakening momentum as the MACD starts to lose strength and the RSI drops below 50.
This signals that the market is at a crucial crossroads, waiting for the next catalyst to determine direction.
