- Well, the short-term Ethereum price prediction was a hopeful bounce toward $2,000, bless its heart.
- But in the coming weeks, it seems more losses are likely, as the bulls are about as strong as a wet noodle against the sellers.
Now, Ethereum [ETH] has taken a tumble, falling below the lows of November 2024. At this very moment, it’s trading beneath the $2,000 psychological level, a place it last visited in November 2023. Holders must be sweating bullets! ETH/BTC has plummeted to lows not seen since December 2020. Talk about a rough patch!
The technical indicators are waving their red flags, showing that the downtrend hasn’t even thought about easing into a consolidation phase yet. Bearish targets to the south are highlighted—how likely is it that Ethereum will reach these support levels? Well, let’s just say it’s about as likely as a cat enjoying a bath.
ETH retests $1,950 as resistance, time to go short?
The daily chart is painting a picture of a firmly bearish market structure. The 23.6% southward Fibonacci extension level at $1,944 has been broken and retested as resistance. It’s like watching a bad movie on repeat!
The OBV is on a downward spiral, indicating that selling pressure is as high as a kite, while the RSI is lounging below the neutral 50 mark. However, over the past fortnight, a bullish divergence has formed on the RSI, suggesting a potential price bounce. But don’t hold your breath just yet!
If a bounce does occur, the $2,100 area could serve as a short-term target before it meets resistance. It’s like trying to catch a greased pig at a county fair!
The declining OBV and price trend indicate that a consolidation phase hasn’t even thought about starting. A range formation, accompanied by a rising OBV, would signal accumulation, but alas, the Ethereum bears are still in control.
As a result, Ethereum is likely to continue its downtrend in the coming weeks, with the next support level at $1,544. Buckle up, folks!
The 6-month liquidation heatmap shows that the $1.6k-$1.8k region is filled with a dense cluster of liquidation levels. This makes it a prime target for a bullish reversal, or at least a good place to throw a party!
To the north, a strong magnetic zone was spotted at $2,872, and a less intense one at $2,360. It’s like a treasure map, but instead of gold, you find more Ethereum woes!
To gauge the short-term trends, the 1-week liquidation heatmap was analyzed. It showed a potential short-term range formation between $1,840 and $1,960. So, traders need to be on their toes if the price bounce appears to stall near the $2k mark. It’s a wild ride, folks! 🎢
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2025-03-13 00:10