Ethereum ETH Faces Key Resistance, Potential Drop to $2,626
- Market Pressure Intensifies: Ethereum is currently trading at $3,095.28, reflecting a 2.3% drop over the past day, and despite a 4.5% gain in the past week, rejection at the key resistance zone of $3,349 to $3,548 is putting pressure on prices, potentially leading to further downside in the short term.
- Liquidation Risk Rising: According to data from Bitcoinsensus, the ETH liquidation heatmap indicates significant long liquidations in the $3,200 to $3,400 range, suggesting that many traders' high-leverage long positions are being wiped out, thereby increasing short-term downside risk.
- Support Levels to Watch: Technical analysis indicates that if ETH fails to reclaim the $3,171 support level, it may lead to further declines towards lower support levels at $2,626 and $2,258, with a potential extension down to $1,820, reflecting the fragility of market sentiment.
- Market Divergence Evident: The current market shows a clear divergence between bearish signals and potential bullish breakouts, where forced liquidations and failed resistance attempts could lead to further downside, while the validity of breakout patterns hinges on whether prices can hold above key support levels.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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