The post Is ETH Doomed to Dump to $2.1K After Recent Rejection? appeared on BitcoinEthereumNews.com.

Ethereum’s recent price movements reveal a strong seller presence, particularly around the critical resistance region at the 100-day moving average. This price action suggests increased downward pressure, with a corrective consolidation expected in the near term. Technical Analysis By Shayan The Daily Chart Ethereum recently encountered heightened selling activity at the $2.6K resistance area, aligned with the 100-day moving average. This led to a rejection, pushing the asset back toward the dynamic support at the channel’s middle trendline near $2.3K. The presence of sellers at this resistance zone suggests it remains a significant barrier for buyers, at least for the middle term. Currently, ETH is trading within a confined range between the channel’s middle support boundary and the 100-day moving average. A new uptrend could be underway if the price successfully breaks above the 100-day MA and confirms a pullback. In this scenario, Ethereum’s targets would be the 200-day MA at $2.9K and the channel’s upper boundary near $2.8K. However, if selling pressure intensifies and ETH breaks below $2.3K, it may revisit the $2.1K support, likely leading to further retracements. The 4-Hour Chart On the 4-hour chart, Ethereum’s recent surge met significant selling pressure around the resistance zone between the 0.5 and 0.618 Fibonacci levels ($2.6K-$2.8K). This area has served as a strong barrier, indicating a supply concentration. A shift toward a bullish trend will depend on price action around this zone and a confirmed breakout. Currently, Ethereum is holding near the lower boundary of the flag at $2.4K. A break below this support could trigger a liquidation cascade, potentially driving the price toward $2.1K. However, the more likely scenario involves a consolidation phase around this support level, with ETH potentially rebounding toward the 0.5 Fibonacci level until a decisive breakout occurs. Onchain Analysis By Shayan Ethereum’s price has been…

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Filed under: News - @ November 3, 2024 3:17 pm