Summary: Ethereum Price Analysis

If you are following Ethereum’s price movements, you must be aware of its recent uptick in demand near a crucial support level and a notable rebound above the 200-day moving average at $3,134. This demonstrates the potential for a bullish reversal if the price manages to recover above the 100-day moving average of $3,342.

Analyzing Ethereum’s Technicals

Ethereum’s Daily Chart

Upon detailed examination of Ethereum’s daily chart, it is evident that after a prolonged bearish trend, the cryptocurrency briefly dipped below the 200-day moving average at $3,081, causing fear and uncertainty in the market. Nevertheless, Ethereum found strong support in the $3K region, leading to a bullish rebound above the 200-day MA and approaching the 100-day MA, potentially indicating a false breakout and bear trap.

The price has reached the 100-day MA of $3,142 and is close to reclaiming it, aligned with the resistance level of $3.3K.
Stabilizing above the 100-day MA could confirm a bullish trend, targeting the yearly high of $4K.

Ethereum’s 4-Hour Chart

On the 4-hour chart, Ethereum faced rejection near the descending trendline at $3.5K before finding support at $2.8K and forming a double-bottom pattern. Subsequent buying activity led to a bullish rebound, with price surging past the resistance near $3.4K, hinting at a potential bullish sentiment in the market.

Ethereum is currently at a crucial resistance level around $3.4K, where selling pressure could intensify.
A breakthrough at this level could lead to a further uptrend towards $3.7K, while rejection may target the critical $2.8K support.

Sentiment Analysis for Ethereum

Following a bullish rebound, Ethereum is now approaching the critical $3.5K resistance zone, with potential targets in sight for the bullish trend to continue its momentum. Traders are closely monitoring liquidity zones within Ethereum’s price action to strategize their mid-term positions.

Liquidity pools near $3K and $4K play a significant role in shaping Ethereum’s price movements.
Buy-stop orders triggered by short positions near the $4K resistance level could impact future price action, supporting an upward trend.

Hot Take: Conclusion on Ethereum Price Analysis

If you have been tracking Ethereum’s price, the recent rebound and bullish momentum suggest potential upside in the near future. Understanding key resistance and support levels, along with liquidity zones, can help you make informed decisions when trading Ethereum.