Ethereum

Based

bullish

Daily

<p>Ethereum’s recent price movements reveal a strong seller presence, particularly around the critical resistance region at the 100-day moving average.</p>
<p>This price action suggests increased downward pressure, with a corrective consolidation expected in the near term.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>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.</p>
<p>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.</p>
<p>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.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-D-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>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.</p>
<p>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.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-368897" src="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-scaled.jpg" alt="" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/ETH-4H-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<h2 id="onchain-analysis">Onchain Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<p>Ethereum’s price has been consolidating within a narrow range, signaling market indecision. However, futures market insights reveal that a breakout could lead to a substantial liquidation event, likely amplifying the prevailing trend.</p>
<p>Based on the chart, liquidity has concentrated below the $2.4K level, suggesting this price range may be pivotal in the short term. Significant liquidity pools below $2.4K indicate that a downward breakout could attract more sellers and trigger long buyers to close their positions, intensifying the bearish momentum.</p>
<p>This scenario raises the possibility of a long squeeze, where a cascade of liquidations could drive Ethereum’s price down to the $2.1K support level. For sellers, the area below $2.4K is an attractive threshold for lowering prices. Conversely, it represents a crucial defense line for buyers, whose actions near this level will be critical for determining the broader market trend.</p>
<p>If ETH breaks below $2.4K, it could quickly drop toward $2.1K due to the cascading effect of long liquidations. Alternatively, intense buying pressure at or near $2.4K could help stabilize the price, potentially averting further declines.</p>
<p>Ultimately, Ethereum’s price action near the $2.4K threshold will be decisive for the short-term trend, and any movement beyond this range could signal a more decisive directional shift.<a href="https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-368898" src="https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-scaled.jpg" alt="" width="2560" height="1877" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-300x220.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-1024x751.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-768x563.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-1536x1126.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-2048x1502.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/11/Binance_ETH_USDT_Liquidation_Heatmap1_month_2024_11_03_14_19_53-50x37.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>&nbsp;</p>
<p>The post <a href="https://cryptopotato.com/ethereum-price-analysis-is-eth-doomed-to-dump-to-2-1k-after-recent-rejection/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: Is ETH Doomed to Dump to $2.1K After Recent Rejection?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Ethereum Price Analysis: Is ETH Doomed to Dump to $2.1K After Recent Rejection?

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