The post Bears Eye $2K as ETH Loses Positive Momentum appeared on BitcoinEthereumNews.com.

Ethereum’s recent failure to reclaim the multi-month descending channel’s middle threshold of $2.6K has resulted in a significant rejection, signaling a possible continuation of the downtrend toward the mid-term $2.1K support level. By Shayan The Daily Chart Ethereum’s price movement on the daily chart reflects a bull trap. After briefly surpassing the $2.6K resistance, the price quickly lost momentum due to intense selling pressure, leading to a 15% drop. This rejection underscores the dominance of sellers in the market, as ETH failed to reclaim this critical threshold. Adding to the bearish sentiment, a “Death Cross” has occurred, where the 100-day moving average crossed below the 200-day moving average, a historically bearish signal. The market is now poised for a further retracement toward the $2.1K support zone, which aligns with a prior significant swing low. Ethereum is expected to enter a descending consolidation phase, gradually trending lower toward this key level in the mid-term. Source: TradingView The 4-Hour Chart On the 4-hour chart, ETH’s struggle to maintain momentum near the 0.5 ($2.6K) – 0.618 ($2.8K) Fibonacci levels triggered a steep decline toward the ascending flag’s lower boundary of $2.3K. Ethereum is currently hovering around this support level, with low volatility and sideways consolidation, signaling market indecision. Although buyers or sellers have no explicit control at the moment, the bearish momentum suggests that they are trying to push the price below the flag’s lower boundary. If Ethereum breaks below this level, it could trigger a sustained negative trend, targeting the $2K psychological support. However, the $2.1K threshold remains a crucial defense for buyers to prevent further decline. Source: TradingView By Shayan The provided chart highlights a stark contrast between the performance of Bitcoin and Ethereum ETFs over the 79 days since their launch. The divergence in investor behavior suggests different demand and…

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Filed under: News - @ October 10, 2024 2:28 pm