Ethereum Price Analysis: ETH Bullish Structure in Danger as Warning Signs Appear
Main Idea
Ethereum is currently in a strong uptrend, consolidating below the $4,000 resistance level, with key support at $3,400 and potential for further gains if it breaks above $3,800.
Key Points
1. Ethereum is consolidating below the $4,000 zone after a rally from $2,800, with buyers defending the $3,400 support level.
2. The major resistance is at $4,100 (2024 high); breaking above $3,800 could lead to a retest of this level.
3. A drop below $3,400 might trigger a deeper correction toward $2,800, aligning with the 100-day moving average.
4. The 4-hour chart shows ETH testing $3,700 twice but respecting the $3,500 demand zone; holding above $3,700 could open a path to $3,900 and $4,100.
5. Open Interest has slightly declined after peaking near $28B, indicating reduced leverage during consolidation, which is seen as healthy.
Description
Ethereum is currently in a strong uptrend, showing resilience above key levels as it consolidates after a sharp move from $2,200 to around $4,000. Yet, there are some signs of exhaustion beginning to surface on the lower timeframes, which could translate to a deep pullback on the higher ones. Technical Analysis By ShayanMarkets The Daily Chart ETH continues to consolidate below the $4,000 zone after its aggressive rally from the $2,800 breakout level. The asset is holding above the previous resi...
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