- Oh dear, the ETH price action is rather like a damp squib, with buyers showing a distinct lack of enthusiasm.
- Ethereum must don its best frock and reclaim $2.9k as support if it wishes to change this rather dreary narrative.
In a previous tête-à-tête, we discussed how Ethereum [ETH] was valiantly battling against the formidable $2.8k resistance. Alas, last week’s selling pressure in the spot ETFs was merely a case of profit-taking—how positively pedestrian!
Meanwhile, the Korea Premium Index has decided to rise, suggesting that our friends in East Asia are feeling rather frisky about crypto. How delightful! 🎉
ETH Price Prediction
The 12-hour chart reveals that the selling pressure over the past month has sent the 12-hour OBV plummeting to a multi-month low. A tragedy, really, but not one to lose one’s monocle over—trends do have a way of shifting, after all.
Fear not, for the 1-day and 3-day OBV have remained as flat as a pancake since December, rather than spiraling downward. How charmingly stable!
While the price action structure is decidedly bearish, the RSI is merely flirting just below the neutral 50. The $2.8k level remains a significant horizontal landmark, but alas, the bulls seem to have misplaced their strength to reclaim this resistance.
The 4-hour chart echoes the sentiments of its 12-hour counterpart. The buying pressure in recent weeks has been as substantial as a feather in a windstorm. Even though the RSI has dared to poke its head above 50, the bearish structure remains as steadfast as a butler at a dinner party.
One tiny glimmer of hope is that ETH has managed to form higher lows over the past week. However, this is hardly a cause for celebration without a breach of the recent lower high at $2,880. A rather lackluster performance, wouldn’t you agree?
The absence of buying momentum, coupled with a slow upward crawl, sets the stage for a rather dramatic liquidity hunt. How thrilling! 🎭
The Ethereum liquidation heatmap from the past month reveals that the $2.9k and $2.5k levels are the closest magnetic zones of considerable size. The former is tantalizingly close to the current price and is likely to pull it in soon—like moths to a flame!
This coincides with the higher timeframe resistance zone at $2,800-$2,850 and the lower timeframe $2,880 resistance. A price move to $2.9k followed by a retracement to $2.5k or $2.6k is anticipated over the coming days. How utterly predictable!
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2025-02-18 16:10