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Reading: Is ETH Doomed to Dump to $2.1K After Recent Rejection?
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Your Crypto News Today > News > Crypto > Ethereum > Is ETH Doomed to Dump to $2.1K After Recent Rejection?
Ethereum

Is ETH Doomed to Dump to $2.1K After Recent Rejection?

November 4, 2024 4 Min Read
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Is ETH Doomed to Dump to $2.1K After Recent Rejection?

Table of Contents

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  • Technical Evaluation
    • The Each day Chart
    • The 4-Hour Chart
  • Onchain Evaluation

Ethereum’s latest worth actions reveal a powerful vendor presence, significantly across the essential resistance area on the 100-day transferring common.

This worth motion suggests elevated downward stress, with a corrective consolidation anticipated within the close to time period.

Technical Evaluation

By Shayan

The Each day Chart

Ethereum just lately encountered heightened promoting exercise on the $2.6K resistance space, aligned with the 100-day transferring common. This led to a rejection, pushing the asset again towards the dynamic assist on the channel’s center trendline close to $2.3K. The presence of sellers at this resistance zone suggests it stays a major barrier for consumers, a minimum of for the center time period.

At the moment, ETH is buying and selling inside a confined vary between the channel’s center assist boundary and the 100-day transferring common. A brand new uptrend may very well be underway if the worth efficiently breaks above the 100-day MA and confirms a pullback.

On this situation, Ethereum’s targets could be the 200-day MA at $2.9K and the channel’s higher boundary close to $2.8K. Nevertheless, if promoting stress intensifies and ETH breaks under $2.3K, it might revisit the $2.1K assist, seemingly resulting in additional retracements.

The 4-Hour Chart

On the 4-hour chart, Ethereum’s latest surge met important promoting stress across the resistance zone between the 0.5 and 0.618 Fibonacci ranges ($2.6K-$2.8K). This space has served as a powerful barrier, indicating a provide focus. A shift towards a bullish pattern will rely on worth motion round this zone and a confirmed breakout.

At the moment, Ethereum is holding close to the decrease boundary of the flag at $2.4K. A break under this assist may set off a liquidation cascade, doubtlessly driving the worth towards $2.1K. Nevertheless, the extra seemingly situation includes a consolidation part round this assist degree, with ETH doubtlessly rebounding towards the 0.5 Fibonacci degree till a decisive breakout happens.

Onchain Evaluation

By Shayan

Ethereum’s worth has been consolidating inside a slender vary, signaling market indecision. Nevertheless, futures market insights reveal {that a} breakout may result in a considerable liquidation occasion, seemingly amplifying the prevailing pattern.

Primarily based on the chart, liquidity has concentrated under the $2.4K degree, suggesting this worth vary could also be pivotal within the quick time period. Important liquidity swimming pools under $2.4K point out {that a} downward breakout may entice extra sellers and set off lengthy consumers to shut their positions, intensifying the bearish momentum.

This situation raises the potential for an extended squeeze, the place a cascade of liquidations may drive Ethereum’s worth right down to the $2.1K assist degree. For sellers, the world under $2.4K is a horny threshold for decreasing costs. Conversely, it represents a vital protection line for consumers, whose actions close to this degree will probably be essential for figuring out the broader market pattern.

If ETH breaks under $2.4K, it may shortly drop towards $2.1K because of the cascading impact of lengthy liquidations. Alternatively, intense shopping for stress at or close to $2.4K may assist stabilize the worth, doubtlessly averting additional declines.

In the end, Ethereum’s worth motion close to the $2.4K threshold will probably be decisive for the short-term pattern, and any motion past this vary may sign a extra decisive directional shift.

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