Ethereum

bullish

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum is trading in a key resistance zone, with a potential impulse move higher expected.</li> 
 <li>Despite a potential rally, a breakout may not occur due to indifferent bulls and a lack of demand.</li> 
</ul>  
<p>Ethereum [ETH] has been stuck in a long-term downtrend, with the price hovering between $2550 and $2730 for almost two weeks. </p> 
<p>The recent trend was analyzed in a detailed report, which also highlighted the increasing preference of Ethereum users for private transactions, which consume more gas, adding to the base fee’s volatility.</p> 
<h2 id="is-ethereum-preparing-for-a-bullish-expansion">Is Ethereum Preparing for a Bullish Expansion?</h2> 
<p>The market structure on the daily timeframe remains bearish. The price constriction around $2.6k for the past two weeks might signal an impending sharp upward move. </p> 
<p>This speculation is due to the imbalances left on the chart by the early August slump. </p> 
<p>However, if Ethereum rallies to $3k, it might not be enough to trigger a breakout. The A/D indicator showed that bulls were indifferent during the recent consolidation and lacked the strength to drive prices higher. </p> 
<p>This implies that any upward move would be driven by liquidity, not demand, and could be reversed. </p> 
<h2 id="bearish-short-term-ethereum-price-prediction">Bearish Short-Term Ethereum Price Prediction</h2> 
<p>Open Interest behind Ethereum has been fluctuating with the price since August 18th, indicating a lack of conviction in the futures market. </p> 
<p>The funding rate, previously negative, has moved into positive territory. This suggests that speculators are going long, but it’s not necessarily a strong bullish sign. </p> 
<p>On the contrary, the decline in the spot CVD was a bearish signal, reinforcing the lack of demand for Ethereum. </p> 
<p>The liquidation heatmap highlighted $2.7k and $2.5k as the short-term price targets. As it stands, a move toward $2.7k seems likely in the coming days. </p> 
<p>Therefore, the short-term Ethereum price prediction is bullish, with a possible move toward $2850. </p> 
<p>However, such a move would likely be driven by the magnetic zone and could reverse, suggesting traders might want to wait for opportunities to sell the bounce rather than buy Ethereum near the $2.9k-$3k resistance zone. </p>

Ethereum Forecast: Can the $2.7K Price Level Withstand the Bearish Pressure?

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CoinEagle.com

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