CandleFocus Ethereum Price Analysis: Is ETH Doomed to Dump to $2.1K After Recent Rejection?
2024-11-03
Author: Content Editor
The recent price movements of Ethereum indicate that there is a strong presence of sellers, especially around the critical resistance region at the 100-day moving average. This suggests increased downward pressure and the expectation of a corrective consolidation period in the near future. Ethereum encountered selling activity at the $2.6K resistance area, indicating that it remains a significant barrier for buyers. Currently, ETH is trading within a range between the middle support boundary of a channel and the 100-day moving average. A potential uptrend could occur if the price breaks above the 100-day MA and confirms a pullback, with targets at the 200-day MA and the channel's upper boundary. Conversely, if selling pressure intensifies and Ethereum drops below $2.3K, it may revisit the $2.1K support level. Liquidity has concentrated below the $2.4K level, indicating its importance in the short term. A downward breakout could trigger a cascade of liquidations and lead to a long squeeze, driving the price towards the $2.1K support level. The actions near the $2.4K threshold will be crucial for determining the broader market trend, and any movement beyond this range could signal a directional shift for Ethereum.
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