CandleFocus

Here Are ETH’s Most Probable Next Targets: Ethereum Price Analysis

Author: Content Editor
The recent attempt by Ethereum to break above the $2.6K level has failed, resulting in a sharp decline and suggesting a potential continuation of the downtrend towards the $2.1K support level. The cryptocurrency is approaching a crucial support zone and is likely to enter a descending consolidation phase. On the 4-hour chart, a bearish three-drive pattern and bearish divergence indicate sellers regaining control. Sellers aim to push the price below the current support level, potentially starting a fresh bearish trend with a target of $2K. The declining 50-day moving average funding rate highlights bearish sentiment among futures traders, indicating a lack of buying interest. This suggests that for Ethereum to recover, demand from the futures market must increase. Negative funding rates can sometimes signal a potential market reversal through short liquidation cascades, but spot market buying pressure would be needed to support a rebound.

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