Ethereum’srecentpricemovementsrevealastrongsellerpresence,particularlyaroundthecriticalresistanceregionatthe100-daymovingaverage.
Thispriceactionsuggestsincreaseddownwardpressure,withacorrectiveconsolidationexpectedinthenearterm.
TechnicalAnalysis
ByShayan
TheDailyChart
Ethereumrecentlyencounteredheightenedsellingactivityatthe$2.6Kresistancearea,alignedwiththe100-daymovingaverage.Thisledtoarejection,pushingtheassetbacktowardthedynamicsupportatthechannel’smiddletrendlinenear$2.3K.Thepresenceofsellersatthisresistancezonesuggestsitremainsasignificantbarrierforbuyers,atleastforthemiddleterm.
Currently,ETHistradingwithinaconfinedrangebetweenthechannel’smiddlesupportboundaryandthe100-daymovingaverage.Anewuptrendcouldbeunderwayifthepricesuccessfullybreaksabovethe100-dayMAandconfirmsapullback.
Inthisscenario,Ethereum’stargetswouldbethe200-dayMAat$2.9Kandthechannel’supperboundarynear$2.8K.However,ifsellingpressureintensifiesandETHbreaksbelow$2.3K,itmayrevisitthe$2.1Ksupport,likelyleadingtofurtherretracements.
The4-HourChart
Onthe4-hourchart,Ethereum’srecentsurgemetsignificantsellingpressurearoundtheresistancezonebetweenthe0.5and0.618Fibonaccilevels($2.6K-$2.8K).Thisareahasservedasastrongbarrier,indicatingasupplyconcentration.Ashifttowardabullishtrendwilldependonpriceactionaroundthiszoneandaconfirmedbreakout.
Currently,Ethereumisholdingnearthelowerboundaryoftheflagat$2.4K.Abreakbelowthissupportcouldtriggeraliquidationcascade,potentiallydrivingthepricetoward$2.1K.However,themorelikelyscenarioinvolvesaconsolidationphasearoundthissupportlevel,withETHpotentiallyreboundingtowardthe0.5Fibonaccileveluntiladecisivebreakoutoccurs.
OnchainAnalysis
ByShayan
Ethereum’spricehasbeenconsolidatingwithinanarrowrange,signalingmarketindecision.However,futuresmarketinsightsrevealthatabreakoutcouldleadtoasubstantialliquidationevent,likelyamplifyingtheprevailingtrend.
Basedonthechart,liquidityhasconcentratedbelowthe$2.4Klevel,suggestingthispricerangemaybepivotalintheshortterm.Significantliquiditypoolsbelow$2.4Kindicatethatadownwardbreakoutcouldattractmoresellersandtriggerlongbuyerstoclosetheirpositions,intensifyingthebearishmomentum.
Thisscenarioraisesthepossibilityofalongsqueeze,whereacascadeofliquidationscoulddriveEthereum’spricedowntothe$2.1Ksupportlevel.Forsellers,theareabelow$2.4Kisanattractivethresholdforloweringprices.Conversely,itrepresentsacrucialdefenselineforbuyers,whoseactionsnearthislevelwillbecriticalfordeterminingthebroadermarkettrend.
IfETHbreaksbelow$2.4K,itcouldquicklydroptoward$2.1Kduetothecascadingeffectoflongliquidations.Alternatively,intensebuyingpressureatornear$2.4Kcouldhelpstabilizetheprice,potentiallyavertingfurtherdeclines.
Ultimately,Ethereum’spriceactionnearthe$2.4Kthresholdwillbedecisivefortheshort-termtrend,andanymovementbeyondthisrangecouldsignalamoredecisivedirectionalshift.
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