Ethereum

bullish

Daily

<p>Ethereum’s price has been consolidating after a significant crash a few weeks ago, making market participants hopeful that the price is creating a bottom.</p>
<h2 id="b-technical-analysis-b"><b>Technical Analysis</b></h2>
<p>By: Edris Derakhshi</p>
<h3 id="b-the-daily-chart-b"><b>The Daily Chart</b></h3>
<p>On the daily chart, the price has gradually made higher highs and lows since rebounding from the $2,100 support level. Yet, the market is yet to break past the $2,700 resistance, while a rejection could lead to another drop to $2,100.</p>
<p>On the other hand, if the market successfully breaks through this resistance, a rise toward $3,000 would be imminent in the short term.</p>
<figure id="attachment_356095" aria-describedby="caption-attachment-356095" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-26-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-356095" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-4-hour-chart-b"><b>The 4-Hour Chart</b></h3>
<p>The 4-hour chart clarifies the recent price action, as the market has been moving inside a rising wedge pattern.</p>
<p>These are primarily bearish. A breakout below the wedge could continue toward the $2,100 level and even lower. However, if the market somehow breaks the pattern to the upside, a quick surge toward the $3,000 resistance zone and even higher could be expected.</p>
<figure id="attachment_356094" aria-describedby="caption-attachment-356094" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-356094 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-scaled.jpg" alt="eth_price_chart_2608242" width="2560" height="1309" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-1024x524.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-768x393.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-1536x786.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-2048x1047.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-356094" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="b-sentiment-analysis-b"><b>Sentiment Analysis</b></h2>
<p>By <a href="https://tradersfundhub.com/authors" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi</a></p>
<h3 id="b-ethereum-open-interest-b"><b>Ethereum Open Interest</b></h3>
<p>Ethereum’s recent downtrend has led many investors to change their views on the direction, believing the bull run is over. This is particularly observable in the perpetual futures market sentiment.</p>
<p>This chart presents the Ethereum Open Interest (OI), which measures the number of open perpetual futures positions across all derivatives exchanges. High OI values usually hint at bullish sentiment among futures traders and vice versa.</p>
<p>As the chart demonstrates, the Open Interest has dropped significantly during the recent massive price drop and is yet to recover. This can be a good sign, as the price will be less volatile and more spot-driven. Therefore, with sufficient demand in the spot market, Ethereum could begin a sustainable rally soon.</p>
<figure id="attachment_356093" aria-describedby="caption-attachment-356093" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-356093 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-scaled.jpg" alt="eth_open_interest_chart_2608241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Open-Interest-All-Exchanges-All-Symbol-2-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-356093" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/ethereum-price-analysis-eth-bulls-eye-2-8k-but-worrying-signs-appear/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: ETH Bulls Eye $2.8K but Worrying Signs Appear</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Ethereum Price Analysis: ETH Bulls Eye $2.8K but Worrying Signs Appear

Table of Contents

CryptoPotato_News

Other articles published on Aug 26, 2024

Interest Rate Reductions Boost Bitcoin Prices

Nvidia Drives AI Crypto Surge

Russia Plans New Crypto Exchanges and Stablecoin Linked to RMB and BRICS Basket

Memecoin Shiba Inu unveils plans to launch DAO

PARAVISION disqualified from Shanghai Major RMR for using banned coach

Dogs Community Battles Bots, Binance Lists DOGS Token

Join our free newsletter for daily crypto updates!