Crypto Blog
Ethereum remains in a downward trend, with price action showing insufficient bullish momentum for a reversal.
On the daily chart, Ethereum has been in a sustained downtrend since getting rejected at its yearly high of $4K. The price has consistently formed lower lows and lower highs, creating a descending channel that reflects the overall bearish market sentiment. This pattern highlights the pessimism among market participants regarding ETH’s broader trajectory.
Currently, ETH is trading within a key range, supported by the $2K level and capped by the channel’s middle boundary near the $2.5K resistance. Until the price breaks out of this range, further consolidation is expected.On the 4-hour chart, Ethereum encountered increased selling pressure around the resistance zone between the 0.5 and 0.618 Fibonacci levels, resulting in a significant drop toward $2K.
However, if buying pressure increases in the short term, Ethereum may see a bullish rebound, with the price retracing toward the 0.5 Fibonacci level at $2.6K.Therefore, by examining the sentiment of futures traders, participants can gain valuable insights into potential price trends. This chart shows the 50-day moving average of Ethereum’s funding rates, providing a broader view of whether buyers or sellers are executing orders more aggressively through market orders in the futures market.
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