Crypto Blog
Ethereum has recently seen a surge in demand near the crucial $2.1K support zone, resulting in a significant bullish retracement. The price has now reclaimed the middle threshold of the multi-month descending channel, suggesting the potential for further gains toward the upper boundary near $3K.
This resurgence in demand triggered a bullish reversal, pushing the price above a critical resistance area that includes the channel’s middle boundary at $2,530 and $2.5K. Reclaiming this zone signals a potential shift in market sentiment toward bullishness, albeit temporarily. This upward momentum carried the price toward the critical resistance range between the 0.5 and 0.618 Fibonacci levels. The short-term action suggests that the bearish momentum has subsided, with buyers now attempting to push the price above the $2.8K resistance.
On the other hand, a rejection at this crucial resistance may result in a continued sideways consolidation within the flag pattern, maintaining short-term uncertainty.As Ethereum’s price continues to form higher highs and lows, approaching the $2.8K level, insights from the Binance liquidation heatmap provide valuable context for this movement. The ETH/USDT heatmap highlights significant liquidity pools often targeted by larger market participants or so-called “smart money.
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