Ethereum price has been hovering around the $2,650 level following a strong 45% monthly rally. Currently trading at $2,631, the price has experienced a 3.79% decline in the past 24 hours, indicating short-term selling pressure. However, a closer look reveals a classic technical setup that could potentially determine the next significant move towards its resistance level of $2,700–$2,800.
Liquidation Cluster: A Trouble or an Opportunity?
According to analysis by “The Kingfisher,” there is a notable concentration of long liquidations between the $2,600 and $2,700 range. This concentration creates a liquidity “magnet,” implying that if Ethereum dips into this zone, it could trigger a series of liquidations. With the current price near $2,631, Ethereum is approaching this critical zone.
The analysis points out that short liquidations above this range are relatively light, indicating a higher downside risk, particularly if market sentiment turns bearish. A potential slip could lead to a drop towards $2,510, or even $2,319 in a panic-driven scenario.
Ethereum (ETH) Price Analysis:
On the daily chart, Ethereum displays an ascending triangle pattern, which is a bullish continuation signal, with resistance around $2,800. A decisive daily close above $2,800 would confirm the breakout from the triangle pattern. In such a scenario, Ethereum could surpass the psychological resistance level of $3,000 and surge towards $3,100–$3,300, supported by short squeezes and breakout momentum.
Conversely, if Ethereum fails to break out and falls below $2,510, it would invalidate the bullish pattern. Further downside movement below $2,320 could pave the way for a decline towards $2,200, where a significant support level lies.
FAQs
How much is 1 Ethereum right now?
The current price of Ethereum is $2,631.27 with a daily change of -3.79%.
Where could the ETH price head next?
Key levels to watch include $2,800 for a bullish breakout, $2,510 for a bearish bias, and $2,319 for confirmation of a deeper correction.
Is now a good time to buy Ethereum?
For long-term investors, accumulating Ethereum on dips within the $2,400–$2,500 range may present value. Short-term traders are advised to wait for a breakout above $2,800 or a breakdown below $2,510 for clearer trading signals.
In conclusion, Ethereum’s price movement is currently at a critical juncture, with key levels and technical patterns shaping the next move. Traders and investors should closely monitor these levels for potential opportunities and risks in the Ethereum market.