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Home CRYPTO

Ethereum ETH Could Plummet Below $3,000 and Here is Why

Michael Juanico by Michael Juanico
April 30, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Following a period of consolidation near critical support levels, Ethereum witnessed a modest bullish rebound but still faces a notable resistance range.
  • Analyzing the 4-hour chart reveals Ethereum’s sideways movement near the lower boundary of the wedge pattern, forming an inverted head and shoulders pattern suggesting a potential bullish reversal.
  • There are currently no noteworthy levels of liquidity in Ethereum’s path in either direction in the short term, and the market appears poised for a renewed impulsive movement driven by sentiment in the futures market.

Ethereum has seen an extended period of consolidation near critical support levels defined by the 0.5 and 0.618 Fibonacci retracement levels, as well as the 100-day moving average. This sideways price action has resulted in a modest bullish rebound, however ETH still faces formidable resistance.

JUST IN: Ethereum $ETH fell below $3000 for the first time in 2 weeks pic.twitter.com/kYXP1Cd0dX

— BlockNews.com (@blocknewsdotcom) April 30, 2024

Technical Analysis Shows Pivotal Support and Resistance Levels

An examination of the daily chart reveals that Ethereum’s prolonged consolidation phase occurred near the 0.5 ($3,139) and 0.618 ($2,910) Fibonacci retracement levels, along with the important 100-day moving average. This coincided with the lower boundary of a multi-month descending wedge pattern, typically a bullish signal.

However, Ethereum now contends with a major resistance zone encompassing the wedge’s upper boundary and the $3.4K level. Overcoming this could enable a significant bullish surge to the $4.1K threshold. Failure to break resistance may continue the consolidation within the wedge and 100-day MA.

The 4-hour chart shows Ethereum’s range-bound action near $3K, corresponding to the wedge’s lower boundary. An inverted head and shoulders pattern suggested potential reversal, but the breakout above the $3.3K neckline was rejected, indicating a false breakout.

Recent price action suggests continued consolidation between $3.4K resistance and $3K support. A decisive break of this range could initiate a new medium-term trend.

Futures Liquidations May Drive Next Major Price Move

Ethereum’s rejection from the $3.3K swing high may cause traders to watch futures liquidations for clues on market direction. The liquidation heatmap for Binance ETH/USDT shows price levels with significant liquidity capable of impacting price trends.

The sharp drop below $3K liquidated many longs, triggering sell-stop orders. But subsequent corrective bounces cooled the futures market in recent weeks. Currently, there are minimal liquidity levels in either direction short-term. The market appears poised for a new impulsive move driven by futures sentiment.

Barring unexpected developments short-term, and given Ethereum demand, the price may target liquidity above $4K long-term.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Binanceethethereumfutures liquidations
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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