<b><i>The ETH coin price grows to reach the $2800 resistance zone and struggles to overcome the selling of the falling channel. </i></b>

<span style="font-weight: 400">Ethereum is a decentralized, open-source blockchain with its own cryptocurrency, Ether. ETH functions as a platform to support a variety of other cryptocurrencies and also for the execution of smart contracts that are decentralized. </span>Ethereum is the first to pioneer the idea of a blockchain-based smart contract platform.

Smart contracts are computer programs that automate and carry out the actions required to satisfy an agreement between a number of participants on the internet. They are created to eliminate the need for trusted intermediaries between contractors, thereby reducing transaction costs and also increasing the security of transactions.

<span style="font-weight: 400">Let us move ahead to read about ETH technical analysis.</span>
<h2><b>Past Performance of ETH</b></h2>
<span style="font-weight: 400">The ETH coin price rises more than $300 accounting for a growth of 15% within the past week. The coin price jumps from $2400 to above $2700 level with the formation of multiple bullish engulfing candlesticks. However, the price action struggles to rise above the resistance trendline of the falling channel. </span>

<img src="https://s3.tradingview.com/snapshots/z/ZBdO64wf.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/ZBdO64wf/"><span style="font-weight: 400">ETH/USD Daily Chart</span></a>
<h2><b>ETH Technical Analysis</b></h2>
<span style="font-weight: 400">The ETH coin price action shows a falling channel and long-coming resistance trendline above the crucial EMAs. Therefore, the breakout of the falling channel can lead the prices to the resistance trendline.</span>

<span style="font-weight: 400">The crucial </span><b>Exponential Moving averages</b><span style="font-weight: 400"> showcase a bearish crossover of the 50 and 200-day EMA in the daily chart. The price trades below all the crucial EMAs despite the recent growth.</span>

<span style="font-weight: 400">The </span><b>DMI indicator</b><span style="font-weight: 400"> shows a fall in -DI as the +DI grows suggesting a potential bullish crossover shortly to indicate a trend reversal. Moreover, the ADX line shows a slight reversal but remains above 40% reflecting a solid trend momentum.</span>

<span style="font-weight: 400">The </span><b>Stochastic RSI indicator </b><span style="font-weight: 400">shows the K and D show a drastic growth reflecting a bullish cycle in action. Therefore, the indicator reflects a high possibility of a bullish breakout of the falling channel. </span>
<h2><b>Upcoming Trend</b></h2>
<span style="font-weight: 400">The <a href="https://www.cryptoknowmics.com/news/metaverse-platform-ovr-shifts-network-to-polygon-from-ethereum/">ETH</a> technical analysis shows the coin price struggling to overcome the sellers at the resistance trendline of the falling channel in the daily chart. However, the increasing trend momentum might soon bring the upcoming trend above the falling channel to reach the resistance trendline.</span>

<span style="font-weight: 400">The price action showcases crucial resistance levels at $2850 and $3000 above the falling channel pattern. However, on the opposite end, the support levels are at $2600 and $2350.</span>

At the time of writing, TradingView gives a "SELL" signal for the ETH token.
<div class="tradingview-widget-container">
<div class="tradingview-widget-copyright"><a href="https://in.tradingview.com/symbols/ETHUSD/technicals/" target="_blank" rel="noopener"><span class="blue-text">Technical Analysis for ETHUSD</span></a> by TradingView</div>
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ETH Technical Analysis: Bulls Struggles To Sustain The Buying Pressure

The ETH technical analysis shows the coin price struggling to overcome the sellers at the resistance trendline of the falling channel in the daily chart.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

ETH Technical Analysis: Bulls Struggles To Sustain The Buying Pressure

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