Ethereum is currently struggling at around $2,500, having many in the crypto world debating if this is normal or a sign of an even greater drop.

ETH performed very well in April and May after jumping to $2,600, but the previous pace has now slowed. The coin has tested the 200-day moving average at $2,700 twice and each attempt has failed, forming what traders call a “double top.”

ETH currently sits at around $2,520. If the price drops, $2,200 will act as major support and if it rises, $2,700 will create overhead resistance. If the price goes below $2,400, Ethereum could test the $2,200 region once more and some say there’s a possibility of further fall below $2,000.

Ethereum Stalls Near $2,500 as Remittix Gains Traction

Ethereum Hits Resistance, Signals Mixed

Crypto Rover supports crypto projects and believes ETH is currently undervalued in the marketplace. Data gathered by Glassnode backs up his claim, showing that on May 24, more people used Ethereum wallets than ever before in the past few weeks.

Yet, indicators on the futures market suggest caution. Since the taker buy-sell ratio has declined, aggressive sellers are once again active in the market. Generally, such a shift in the market comes before a prices drop.

Although there is still some uncertainty, Ethereum displayed a bullish golden cross recently when its 50-day moving average crossed upward above its 200-day moving average. Whales have bought 40,000 ETH during the recent market lows which could reflect their trust in Ethereum.

Ethereum Stalls Near $2,500 as Remittix Gains Traction

According to CoinMarketCap, ETH rose to $2,696 before reversing its course. Traders seem to be monitoring the cryptocurrency market, even when prices do not budge, as trading volume is still high. Meanwhile, fresh projects are drawing attention as ETH continues to stay flat.

Remittix Simplifies Crypto-to-Bank Transfers

There is Remittix (RTX), a token being sold in presale, designed for transferring crypto into fiat. While regular tokens cannot do that, RTX makes it possible to cash out crypto into the bank account of your choice.

Recipients don’t need to learn about cryptocurrency because, with the 1% fee and no foreign exchange charges, they get every dollar in their home currency. So far, Remittix has raised over $15.3 million because investors are impressed by its clean use, secure non-custodial wallet and focus on enterprise needs.

The user wallet allows everyone to use crypto privately and safely, while the business API helps merchants handle transactions both in cryptocurrency and fiat money.

Both audited and promoted, analysts are talking about how much RTX shares could surge once they go live this year. While Ethereum is on uncertain ground, ahead lies a question will the coin overcome resistance and reach $3,000 or will folks switch to investing in Remittix.