Ethereum Price Analysis: Losing This Support Could Mean Drop to $1.1K
Ethereum’s downtrend has paused at the critical $1.5K support zone. While this level may continue to provide short-term stability, a breakdown below it could initiate a sharp decline toward the $1K region.
Technical Analysis
By Shayan
The Daily Chart
ETH’s strong bearish momentum has been temporarily paused at the critical $1.5K support zone, resulting in a phase of sideways consolidation with mild volatility. This area has historically acted as a major support and holds psychological significance for market participants.
However, the recent formation of a death cross, where the 50-day MA crosses below the 200-day MA, reinforces the prevailing bearish sentiment. If the $1.5K level fails to hold, Ethereum will likely experience a sharp decline, with the $1.1K zone being the next significant target.
The 4-Hour Chart
On the lower timeframe, ETH continues to trade within a descending price channel, fluctuating between its upper and lower boundaries. The price recently bounced from the channel’s lower trendline, triggering a short-term bullish correction.
Yet, Ethereum has now approached the upper boundary of the channel near the $1.7K level, facing mild rejection. With overall market activity remaining subdued, any resurgence in selling pressure could invalidate the correction and lead to a fresh downward movement, potentially breaching the $1.5K support and targeting the $1K level in the medium term.
Onchain Analysis
By Shayan
The Binance liquidation heatmap offers valuable insights into potential price targets, as liquidity zones often serve as magnets for market movements. Ethereum’s recent consolidation phase has resulted in a significant cluster of liquidation levels just below the $1.5K support zone.
These levels, tied to long-position liquidations, are particularly appealing targets for institutional sellers and bearish traders. Should renewed selling pressure drive the price into this liquidity pocket, a wave of long liquidations could be triggered, potentially amplifying the downward momentum and pushing ETH toward the $1K threshold.
The post Ethereum Price Analysis: Losing This Support Could Mean Drop to $1.1K appeared first on CryptoPotato.
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Ethereum Price Analysis: Losing This Support Could Mean Drop to $1.1K
Ethereum’s downtrend has paused at the critical $1.5K support zone. While this level may continue to provide short-term stability, a breakdown below it could initiate a sharp decline toward the $1K region.
Technical Analysis
By Shayan
The Daily Chart
ETH’s strong bearish momentum has been temporarily paused at the critical $1.5K support zone, resulting in a phase of sideways consolidation with mild volatility. This area has historically acted as a major support and holds psychological significance for market participants.
However, the recent formation of a death cross, where the 50-day MA crosses below the 200-day MA, reinforces the prevailing bearish sentiment. If the $1.5K level fails to hold, Ethereum will likely experience a sharp decline, with the $1.1K zone being the next significant target.
The 4-Hour Chart
On the lower timeframe, ETH continues to trade within a descending price channel, fluctuating between its upper and lower boundaries. The price recently bounced from the channel’s lower trendline, triggering a short-term bullish correction.
Yet, Ethereum has now approached the upper boundary of the channel near the $1.7K level, facing mild rejection. With overall market activity remaining subdued, any resurgence in selling pressure could invalidate the correction and lead to a fresh downward movement, potentially breaching the $1.5K support and targeting the $1K level in the medium term.
Onchain Analysis
By Shayan
The Binance liquidation heatmap offers valuable insights into potential price targets, as liquidity zones often serve as magnets for market movements. Ethereum’s recent consolidation phase has resulted in a significant cluster of liquidation levels just below the $1.5K support zone.
These levels, tied to long-position liquidations, are particularly appealing targets for institutional sellers and bearish traders. Should renewed selling pressure drive the price into this liquidity pocket, a wave of long liquidations could be triggered, potentially amplifying the downward momentum and pushing ETH toward the $1K threshold.
The post Ethereum Price Analysis: Losing This Support Could Mean Drop to $1.1K appeared first on CryptoPotato.
Read More