Ethereum Price Analysis: $2200 or $3000, Which Comes First for ETH?
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Following a rejection at the crucial 100-day moving average, Ethereum experienced an impulsive decline, reaching the crucial $2K support. Nevertheless, the price has bounced back and is going through a rather muted price action, indicating a potential consolidation stage. ETH Price Analysis: Technical Analysis By Shayan The Daily Chart Ethereum faced heavy selling pressure at the 100-day moving average of $3K, leading to an impulsive decline toward the $2K psychological support. Despite this bearish move, the price quickly rebounded, clearing over-leveraged long positions in the futures market. The cryptocurrency is now trading between $2.5K (support) and $3K (resistance), forming a decisive range. A breakout from this range will provide clear confirmation of the next major trend. However, short-term consolidation remains the most probable scenario. Source: TradingView The 4-Hour Chart On the lower timeframe, ETH initially broke above the descending wedge pattern, but the breakout proved false, leading to a sharp decline toward the $2.2K support range. This move triggered the sell-side liquidity before the price rebounded strongly. Now, the cryptocurrency is facing a strong barrier at the 0.5-0.618 Fibonacci retracement zone and the $2.8K resistance level. While a period of high volatility is expected in the near term, there is also a possibility that the sellers might regain control of this resistance zone, causing another rejection toward the $2K threshold. Source: TradingView Onchain Analysis By Shayan Ethereum recently faced a dramatic market decline, leading to a long squeeze that wiped out a significant number of leveraged long positions, as shown in the chart. This event caused heightened volatility, but despite the sharp drop, the cryptocurrency managed to find strong support at the $2K level, indicating potential stabilization. The recent liquidations have cooled the perpetual markets down, reducing excess leverage in doing so. This reset could pave the way for new…
Filed under: News - @ February 17, 2025 3:27 pm