Ethereum is at a fork in the road, my friend, with a tough resistance region ahead, including the 200-day moving average and the lower boundary of a descending wedge.
As our tale unfolds, a rejection here could mean a sad slide to $2.5K. But, fear not, a break above could squeeze the heck out of those shorts, pushing ETH to $3K!
The Techy Stuff
By Shayan
A Glimpse at the Daily Chart
After a bounce from $2.5K, Ethereum has seen some buying love, giving it a little nudge. But, alas, a formidable resistance zone awaits, with the 200-day moving average and the crucial $2.9K level.
If the price gets rejected here, it could be another tumble to $2.5K. But, should it break free, a short squeeze might just send it skyward to $3K!
A Peek at the 4-Hour Chart
On the smaller timeframe, ETH has been cooped up in a low-volatility cage after dropping below the descending wedge. Traders are just itching for a breakout!
ETH now dances near a crucial resistance zone, with the 0.5-0.618 Fibonacci retracement levels. If the selling pressure rises, the price could stumble. But, should the bulls muster up some strength and break through, it could spark a whole new surge!
Onchain Analysis
By Shayan
The futures market, a key player in Ethereum’s price shenanigans, has a sentiment indicator called the funding rate. This sneaky little thing shows how eager buyers or sellers are to make their moves.
Lately, funding rates have been going down, down, down with the market’s recent turmoil. This drop means less action in the futures market, and that’s not good for a strong, bullish push. If this keeps up, especially with selling pressure around $3K, the market might just keep on sinking, with sellers eyeing $2.5K as their next target.
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2025-02-21 16:55