Ethereum has recently faced a slight rejection at the 200-day moving average of $2.6K, showcasing sellers’ presence. Nevertheless, further consolidation and a deeper correction might be on the way for the cryptocurrency. ETH Price Analysis: Technicals By Shayan Markets The Daily Chart Ethereum has once again faced rejection at the critical 200-day moving average near $2.6K, reflecting persistent selling pressure and a lack of bullish momentum. This prolonged consolidation below the 200-day MA signals buyer exhaustion and increases the likelihood of a deeper correction. The price remains trapped between the 100-day MA at $2K and the 200-day MA at $2.6K, forming a mid-term range. Given the current weakness, a decline toward the range’s lower boundary appears plausible. However, if bulls manage to reclaim the 200-day MA, a rapid short-squeeze could propel the price toward the $3K resistance zone. Source: TradingView The 4-Hour Chart On the lower timeframe, Ethereum continues to oscillate within a rising wedge pattern, typically a bearish formation. The recent rejection from the upper boundary around $2.6K confirms seller dominance, with price now hovering near the wedge’s lower edge. A breakdown from this level would likely initiate a bearish continuation toward the $2.2K support area. Until a decisive breakout occurs, price action is expected to remain choppy within the wedge. Source: TradingView ETH Price: Sentiment Analysis By Shayan Markets Ethereum remains range-bound just below a key resistance level, leaving investors uncertain about the potential for an imminent bullish breakout. A critical metric to watch is the ETH Taker Buy-Sell Ratio, which tracks the dominance of aggressive market orders, those executed at the current market price, revealing whether buyers or sellers are driving momentum. These orders typically indicate urgency and conviction among traders. Lately, the 30-day moving average of this ratio has been trending downward, signalling a rise in aggressive selling. This shift points to growing bearish pressure, with profit-taking and distribution likely increasing as Ethereum struggles to overcome resistance. If this selling trend continues, it may lead to a deeper correction, with the $2,200 level emerging as a key support. However, if the recent selling is primarily driven by short-term traders or so-called “weak hands,” it could mark a healthy consolidation phase, potentially setting the stage for a renewed bullish breakout. In summary, Ethereum’s next major move will largely depend on whether the current selling pressure escalates or fades amid underlying mid-term demand. Source: CryptoQuant The post Ethereum Price Analysis: Is $3K In Sight for ETH This Month? appeared first on CryptoPotato .
