Ethereum Needs To Break Above $2,650, But Why Won’t It Budge?

Ethereum continues to struggle after falling below $3,000. This price point was critical for bulls to hold and ever since bears dragged the price below it, it has been a continuous display of dips and crashes. For a cryptocurrency like Ethereum, there are resistance and support levels that are very important for the digital asset. One of those support levels sits just above $2,500. So far, the digital asset has managed to maintain above this point. This shows that bulls are mounting significant support. However, with momentum falling and selling pressure up, it remains shaky at this point. For Ethereum to maintain any semblance of balance towards a bull rally, it must beat its next resistance point. This now sits above $2,600, but what is the price doing? 50-Day SMA Continues To Resist For the short term, there are some important milestones that Ethereum must beat to secure a bullish trend. One of these is the 50-day simple moving average. This points to the average where investors have been purchasing the cryptocurrency for the last couple of weeks. A position above or below this SMA always tells if investors are willing to keep purchasing the coins at a certain price or if they have pulled back. Related Reading | Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50% For Ethereum, it had mostly traded above this 50-day SMA for the better part of 2021. However, the new year would prove to be more daunting tha...