ethereum has recently seen a surge in demand near the crucial $2,100 support zone, resulting in a significant bullish pullback. The price has now reclaimed the middle threshold of the multi-month descending channel, suggesting the possibility of further gains towards the upper boundary near $3,000.
By shayan
The daily chart
On the daily chart, ethereum saw increased buying pressure near the critical support region around the lower trendline of the multi-month descending channel, which aligns with the $2.1K support zone.
This resurgence in demand triggered a bullish reversal, pushing the price above a critical resistance zone that includes the channel’s mid-boundary at $2,530 and $2,500. Reclaiming this zone indicates a possible shift in market sentiment towards optimism, albeit temporarily.
However, ethereum is approaching a crucial barrier around $2.8K, where sellers will likely step forward. Price action at this level will be pivotal in determining ethereum’s medium-term direction. A successful breakout could signal the continuation of the uptrend, while failure to overcome this resistance may lead to renewed selling pressure.
The 4-hour chart
On the 4-hour chart, ethereum experienced a strong rise from the $2.1K support zone, which corresponds to the lower boundary of the flag pattern.
This upward momentum took the price towards the critical resistance range between the 0.5 ($2,600) and 0.618 ($2,800) Fibonacci levels. The short-term action suggests that the bearish momentum has subsided and buyers are now attempting to push the price above the $2,800 resistance.
The $2,800 level has been a strong barrier for bulls over the past few months, filled with supply and selling pressure. However, ethereum could experience a breakout if the momentum persists, leading to a short squeeze and further gains.
On the other hand, a rejection at this crucial resistance may result in continued sideways consolidation within the flag pattern, maintaining near-term uncertainty.
By shayan
As ethereum price continues to form higher highs and higher lows, approaching the $2.8K level, Binance’s liquidation heatmap data provides valuable context for this move. The eth/USDT heatmap highlights significant liquidity pools that are typically targeted by larger market participants or so-called “smart money.”
According to the heatmap, the $2.8K level contains the highest concentration of liquidity near ethereum’s current price. Liquidity tends to act as a magnet for the price, attracting the market towards these pools. As a result, this zone has become a key short-term target for ethereum.
Given this dynamic, the market’s tendency to gravitate towards high liquidity areas is highly likely to drive a bullish continuation towards the $2.8K level. This makes the $2.8K price range a critical area to monitor as a potential break above this level could signal the continuation of ethereum’s current uptrend.
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