Ethereum Analysis: The Importance of Current Support for Future Growth

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by Giorgi Kostiuk

2 years ago

Ethereum is in a critical situation where support between its 100-day and 200-day moving averages may dictate future direction.

The Daily Chart

Ethereum recently experienced significant volatility at the $3.2K-$3K level, indicating a dynamic struggle between buyers and sellers. The price's ongoing presence in this range suggests the potential for a major trend shift.

The 4-Hour Chart

On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels. Despite briefly breaking down, the asset regained its footing due to strong buying support. This area may either pave the way for further growth or lead to significant selling.

Onchain Analysis

According to the Binance liquidation heatmap, key liquidation levels act as magnets for market movements. There is a cluster of liquidations around the $3K level, which could attract bears, increasing the probability of a breakdown.

The $3K level remains crucial for Ethereum, as losing it could lead to significant selling. Conversely, a strong defense of this level could renew a push towards $4K.

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