Ethereum continues to undergo a downward pressure, pushing its price down. Let us analyze the future prospects of the ETH.
Situation of the Ethereum (ETH) course
After reaching a summit at $ 4,100, Ethereum underwent a gradual drop in his course, bringing him to the support of $ 2,900, level supported by the volume profile. While an interest seemed to be manifested, the overall decrease in the cryptocurrency market finally led to the break of this level of support, causing a fall of around 30 %. At the time of writing this text, the Ethereum course is negotiated around $ 2,800. Ethereum has thus erased the entire increase he had initiated since the beginning of November 2024. It was at the $ 2,125 that Ethereum showed a new interest, causing a rebound in its course. It should be noted that this price level corresponds to an already established support.
The asset is currently changing in a short and medium -term downward trend. This is reflected in particular by a return of the course under its mobile averages, which seem about to cross downwards.
On the side of ETH's dynamics, not surprisingly, it continued to be revised downwards. This phenomenon is perceived as much on the course of Ethereum as on its oscillators.
Current technical analysis was carried out in collaboration with Elyfeinvestor and popularizer in the cryptocurrency market.
Zoom on derivatives (Ethusdt)
The open interest of ETH/USDT perpetual contracts has dropped, according to the course of the course of its underlying, which testifies to decreasing interest as the price of the ETH decreases.
On the CVD side, it is also down, indicating a predominance of sales orders and thus contributing to a selling pressure.
The financing rate has passed in negative territory, reflecting lowering convictions.
Finally, we observe a peak of liquidations of long and short positions. This phenomenon illustrates an aggressive behavior of market players, exacerbated by volatility.
The ETH/USDT thermal card shows that Ethereum has rebounded in a large liquidation zone, between $ 2,300 and $ 2,200. This area seems to have triggered buying orders, as evidenced by the observed reaction.
Currently, visible liquidation zones appear much less significant. However, we can note the levels of $ 3,550, $ 3,700 to $ 3,800, and finally $ 4,120, the latter being the most striking.
An approach to the price to these levels could lead to a massive trigger of orders, thus increasing the risk of volatility for cryptocurrency, which makes it major points of interest for investors.
Forecasts for the Ethereum (ETH) course
- If the Ethereum course is maintained above the $ 2,640 zone, a break of $ 2,900, or even $ 3,000, could be anticipated, thus opening the way to $ 3,500. In the event of continuation of this Haussier movement, the damage of $ 3,700, or even of the $ 4,000, could be envisaged, representing an increase of around 40 %.
- If Ethereum fails to maintain above $ 2,640, a withdrawal to $ 2,460 could occur. In the event of continuation of the decline, the next key support is just below $ 2,125. Even lower, the $ 2,000 psychological zone could act as a support, which would represent a drop of about 30 %.
Conclusion
Ethereum remains under pressure despite a recent rebound, always evolving in a downward trend. Market dynamics shows signs of weakness, limiting short -term recovery prospects. A revival of buyers will be essential to reverse this trend. It will therefore be necessary to carefully monitor the reaction of the price to key levels to validate or adjust current forecasts. Recall that this analysis is based solely on technical criteria and that the cryptocurrency market remains sensitive to many fundamental factors.
Has this study interested you? Find our latest Bitcoin analysis of February 5.
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