Ethereum Price Faces $1,720 Risk Amid $61,000 Target Speculation
- Price Resistance Zone: Ethereum is currently trading at $2,115.04, up 1.97% in the last 24 hours, yet it faces strong resistance between $2,100 and $2,400; failure to reclaim this level could lead to a drop to the $1,720 support, impacting investor confidence.
- Short-Term Market Pressure: Recent liquidation data indicates a large concentration of leveraged short positions above current price levels, and if Ethereum can reclaim the $2,100 to $2,400 range, it may trigger forced buying, accelerating upward momentum and creating short-term market volatility.
- Technical Indicator Signals: The Ethereum price structure has weakened after losing the ascending trendline that supported recovery attempts since March, with the Chaikin Money Flow indicator recently turning negative, signaling capital outflows and reduced buying activity, indicating a cautious market sentiment.
- Future Outlook: Analysts suggest that failure to recover the broken trendline near $2,190 could open the path toward the $1,720 support, while a decisive move back into the $2,200 to $2,400 range could reshape the current market outlook and alleviate immediate bearish pressure on Ethereum.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH 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 crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH 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 $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1788.635 | 1898.967 | 2010.845 | 2121.177 | 2233.055 | 2343.387 | 2455.265 |
| Fibonacci | 1898.967 | 1983.852 | 2036.293 | 2121.177 | 2206.062 | 2258.503 | 2343.387 |
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