After rejection of the 100 -day crucial average, ethereum experienced an impulsive decrease, reaching the crucial support of $ 2K. However, the price has been recovered and is going through a fairly silenced price share, indicating a possible consolidation stage.
ethereum faced a strong sales pressure in the 100 -day mobile $ 3K mobile, which led to an impulsive decrease towards the psychological support of $ 2K. Despite this bearish movement, the price was quickly recovered, cleaning long positions with excessive leverage in the futures market.
The cryptocurrency is now quoted between $ 2.5K (support) and $ 3K (resistance), forming a decisive range.
A rupture of this range will provide a clear confirmation of the next main trend. However, short -term consolidation remains the most likely scenario.
Within the lowest period, eth initially broke over the descending wedge pattern, but the break was false, which led to a strong decrease towards the support range of $ 2.2K.
This movement triggered the liquidity on the side of the sale before the price was strongly recovered. Now, the cryptocurrency faces a strong barrier in the fibonacci setback zone 0.5-0.618 and the resistance level of $ 2.8K.
Although a high volatility period in the short term is expected, there is also the possibility that sellers can regain control of this resistance zone, causing another rejection towards the threshold of $ 2K.
ethereum recently faced a dramatic decrease in the market, which led to a long compression that eliminated a significant number of leverage long positions, as shown in the graph. This event caused greater volatility, but despite the acute fall, the cryptocurrency managed to find strong support at the $ 2K level, indicating a potential stabilization.
Recent liquidations have cooled perpetual markets, reducing excessive leverage in doing so. This restart could pave the way for a new demand, since cautious buyers are involved in key support areas.
If ethereum keeps above $ 2K and generates impulse, the current consolidation phase could pass to a fresh upward wave, with $ 2.5ky $ 3K as key resistance levels. Short -term consolidation remains probable, but a break above these resistance levels could indicate the next main trend movement.
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