Ethereum Hits Major Resistance Level: Potential Turning Point for ETH Price?

While the vast majority of the crypto market is subdued, the $ETH price is up 3% early on Monday. This puts the price up against the strong horizontal resistance at $2,750. Can $ETH bulls break the resistance and go on to turn the whole bull market around?

Breaking the $ETH downtrend will require a huge effort

Source: TradingView

Looking at the daily chart for $ETH (ETH/USDT), it can be seen that the bears possibly have just as much of a case as do the bulls. The current horizontal resistance is quite pronounced, and it will be tough for the bulls to overcome it. Also, all the daily moving averages are above the price. The 200 day SMA coincides with the $3,000 horizontal resistance. If you also throw the descending trendline into the equation, breaking the downtrend is going to require a gargantuan effort from the bulls.

Huge upside price momentum coming for $ETH?

Source: TradingView

Zooming out into the weekly chart, things do start looking up for the bulls. The candle wick that went all the way down to confirm the horizontal support at $2,150 was an excellent retest of this level.

However, the most bullish element on the chart is arguably the Stochastic RSI at the bottom of the chart. This looks to be bottoming, and in the next two to three weeks a crossover of the indicator lines above the 20.00 level could signal huge upside price momentum.

$ETH bulls have so far managed to save the day against $BTC pair

Source: TradingView

Perhaps the most telling chart of all for price is the ETH/BTC pairing. From looking like $ETH was going to completely break down against $BTC, the bulls have since managed to get the price back inside the descending channel, and also back above the major horizontal support.

Obviously, there is still a huge amount of work for the $ETH bulls still to do. Breaking back above the bull market ascending trendline is one task, breaking up through the major horizontal resistance is another, and breaking out of the descending channel is another. Finally, making a higher high above 0.0057 BTC would reverse the downtrend.