Ethereum Price Stagnates Below $2,000 Support Level
- Price Downtrend: Ethereum (ETH) is trading at $1,980 today, down 60% from its all-time high of $4,960, indicating a clear technical bear market trend, with expectations of dropping to the critical support level of $1,500, which could undermine investor confidence.
- Technical Analysis Signals: ETH is forming a bearish pennant pattern, with technical indicators showing prices below all moving averages and the 78.6% Fibonacci retracement level, suggesting a potential bearish breakout in the short term, further exacerbating market pessimism.
- Weak Demand Phenomenon: A Polymarket poll indicates a 72% probability of ETH falling to $1,500 this year, reflecting ongoing weak demand over the past few months, as open interest in the futures market has dropped to $23 billion, the lowest level since 2024, indicating insufficient market activity.
- Increased Fund Outflows: Ethereum ETFs have seen outflows exceeding $326 million this month, marking the fourth consecutive month of asset decline, with total losses exceeding $2 billion over the last four months, significantly suppressing Ethereum's price rebound potential.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 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 | 1639.83 | 1768.535 | 1894.62 | 2023.325 | 2149.41 | 2278.115 | 2404.2 |
| Fibonacci | 1768.535 | 1865.865 | 1925.995 | 2023.325 | 2120.655 | 2180.785 | 2278.115 |
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