CandleFocus Ethereum Price Analysis: Is ETH on its Way to $2.5K or Danger Still Looms?
2024-09-10
Author: Content Editor
Ethereum's price has shown signs of short-term recovery after hitting a critical support level at $2.1K. The broader market remains bearish, and a period of consolidation is expected before the next significant move. On the daily chart, Ethereum found support at $2.1K, leading to a slight rebound and a potential short-term recovery. A bullish divergence between price and the RSI suggests increased buying interest. On the 4-hour chart, Ethereum faced rejection at the $2.6K to $2.7K resistance zone, pushing it to the $2.1K support region. A mild bullish retracement is currently occurring, potentially pushing the price toward $2.5K. The futures market indicates that the $2.5K level holds the highest concentration of liquidity, making it a critical short-term target for price action. Ethereum's movement in this range will determine its current upward movement.
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