Ethereum Faces Selling Pressure After Reaching 100-Day Moving Average
After a brief bullish phase, Ethereum’s price has faced increased selling pressure upon reaching the 100-day moving average. However, the price is currently within a critical range, indicating a potential consolidation scenario in the mid-term.
The Daily Chart
Examining the daily chart, Ethereum saw a significant upward movement with strong bullish momentum. However, it faced rejection at the 100-day moving average and entered a steep downtrend. The only bullish indicator is the price finding support within the Fibonacci retracement levels.
The 4-Hour Chart
Analyzing the 4-hour chart, Ethereum has followed a downward trend and formed a descending wedge pattern. It recently found support at $1.5K, leading to sideways movement between $1.5K support and $1.7K resistance. A breakout from this range will determine Ethereum’s upcoming trend.
On-chain Analysis
Ethereum’s price has initiated an uptrend after failing to break below $1.5K support. The futures market is showing a bullish signal with the taker buy-sell ratio spiking above 1, suggesting aggressive buyers. If this trend continues, it could lead to a new bullish stage with the price targeting $2K resistance.
Hot Take: Ethereum’s Consolidation Indicates Uncertainty in Market Direction
Ethereum’s recent consolidation within a critical range reflects uncertainty in its mid-term direction. Traders should closely monitor price action as increased volatility is expected to shape the market’s next move.
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