Ethereum (ETH) has been facing a challenging time in the market, with prices falling below key support levels. The short-term Ethereum price prediction indicated a bounce towards $2,000, but the bearish trend has persisted, leading to further losses. The lack of strength from bulls to hold back sellers has raised concerns among holders.
At the time of writing, Ethereum was trading below the $2,000 psychological level, which was last tested in November 2023. Additionally, the ETH/BTC pair reached a low not seen since December 2020, adding to the downward pressure on the cryptocurrency.
Technical indicators suggest that the downtrend has not transitioned into a consolidation phase yet. Bearish targets to the south have been highlighted, indicating the likelihood of Ethereum reaching these support levels in the near future.
The daily chart reveals a firmly bearish market structure, with the 23.6% southward Fibonacci extension level at $1,944 broken and retested as resistance. The On-Balance Volume (OBV) continues to decline, signaling heightened selling pressure, while the Relative Strength Index (RSI) remains below the neutral 50 mark. However, a bullish divergence has formed on the RSI over the past two weeks, hinting at the potential for a price bounce.
If a bounce occurs, the $2,100 area could serve as a short-term target before encountering resistance. Nevertheless, the declining OBV and price trend indicate that a consolidation phase has not yet begun. A range formation, accompanied by a rising OBV, would signal accumulation, but bears still hold control over Ethereum.
Looking at the liquidation heatmap, the $1.6k-$1.8k region is filled with a dense cluster of liquidation levels, making it a significant price target and a potential candidate for a bullish reversal. To the north, strong magnetic zones are observed at $2,872 and $2,360.
Analyzing the 1-week liquidation heatmap, a potential short-term range formation between $1,840 and $1,960 is evident. Traders need to remain vigilant if the price bounce appears to stall near the $2,000 mark.
In conclusion, Ethereum is likely to continue its downtrend in the coming weeks, with the next support level at $1,544. This market analysis serves as a guide for traders and investors, but it is essential to conduct thorough research and seek professional advice before making any financial decisions. Are you a fan of travel and adventure? Do you enjoy exploring new places and experiencing different cultures? If so, then you may want to consider adding a trip to Patagonia to your bucket list.
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