Ethereum Faces ‘Sell-Off Risk’ If It Loses $2,300 Resistance – Analyst
11 Octobre 2024 - 3:30PM
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Ethereum is at a pivotal moment after failing to break above the
$2,500 mark on Monday. With the entire crypto market anticipating a
potential rally, Ethereum investors carefully watch for any signs
of strength within the network. However, growing concerns about a
possible deeper correction loom over the market. Related Reading:
Dogecoin Could Break Yearly Highs ‘Any Moment Now’ – Crypto Analyst
Key metrics from IntoTheBlock indicate that if Ethereum breaks
below the $2,300 level, a significant sell-off could follow,
increasing pressure on the price. This has created a tense
atmosphere among traders and investors as they wait for a clear
confirmation that Ethereum can hold strong above this critical
support level. As the broader market experiences uncertainty,
Ethereum’s performance in the coming days will likely determine its
trajectory. Investors are hoping for bullish momentum, but many
remain cautious, aware of the risks that a drop below $2,300 could
trigger. The next few days will be critical in shaping Ethereum’s
future price action. Ethereum Price Testing Crucial Demand Ethereum
is at a crucial turning point as its price remains indecisive,
hovering between two significant levels that could result in
substantial gains or losses once the trend becomes clear. Currently
trading in a tight range, ETH investors and analysts carefully
observe key support and resistance areas. Top analyst and investor
Ali recently shared important data from IntoTheBlock on X,
highlighting the critical nature of the $2,300 support level for
Ethereum. According to the report, around 2.4 million addresses
purchased approximately 52.6 million ETH around this level. This
makes $2,300 a significant demand zone that, if breached, could
trigger a wave of selling as investors look to protect their
portfolios and minimize losses. If Ethereum holds above this
critical support, the sentiment around ETH could shift toward a
more positive outlook. Traders and investors may gain confidence,
leading to a potential rally. Ali’s analysis underlines the
importance of the coming days in shaping Ethereum’s price action.
Related Reading: Dogecoin Targets $0.11 As Short-Term Traders Fuel
DOGE Price – Details Ethereum’s performance at the $2,300 level
will likely determine its short-term future, either as a foundation
for gains or a trigger for deeper corrections. ETH Technical
Analysis Ethereum (ETH) is trading at $2,420, following a 3%
rebound from the lower demand zone around $2,330. Despite the
recent recovery, the price remains under 2% away from the 4-hour
200 moving average (MA) at $2,467 and about 3% away from the 200
exponential moving average (EMA) at $2,495. These moving averages
are critical resistance levels for ETH in the short term. Ethereum
must break above the 200 MA and EMA and target resistance levels
above $2,500 to push the price higher. A clear breakout above could
open the door for further gains, with investors looking for signs
of sustained momentum. Related Reading: Solana Bullish Pattern
Signals Massive Gains Ahead – 2021 Rally Could Repeat However, if
Ethereum fails to reclaim both indicators in the coming sessions,
the risk of a deeper correction increases. In such a case, ETH
could retrace to lower demand zones, potentially dropping toward
$2,150. Traders and investors closely watch these levels as
Ethereum’s next move will likely determine the near-term trend.
Featured image from Dall-E, chart from TradingView
Ethereum (COIN:ETHUSD)
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