Ethereum

bullish

Movement

Bitcoin

Resistance

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum [ETH] is expected to perform better against the US dollar in the coming days.</li>
 <li>The market structure for Ethereum is bullish, with a possible move towards $2.8k-$2.9k.</li>
</ul>
<p>Ethereum [ETH] has been lagging behind Bitcoin [BTC] in performance. This is evident in the ETH/BTC chart, which appears to be forming a local bottom. However, Ethereum is predicted to fare better against the US dollar in the near future.</p>
<h2 id="predicted-price-movement-for-ethereum">Predicted Price Movement for Ethereum</h2>
<p>Analysis of the liquidation levels and price action charts suggest a potential 5% upward movement. However, any further gains would require significant buying pressure.</p>
<p>The daily market structure for Ethereum has turned bullish after surpassing the recent lower high of $2,464. The Relative Strength Index (RSI) also indicates a change in momentum. However, it’s important to note that the overall trend has been bearish since June, following a failed recovery attempt in May.</p>
<h2 id="the-resistance-zone-and-potential-reversal">The Resistance Zone and Potential Reversal</h2>
<p>A bearish order block exists at the $2.8k level, which was the local high in mid-August. Ethereum is likely to approach this resistance, but a breakout would depend on overall market sentiment and news developments.</p>
<p>The $2.8k area has a large cluster of liquidation levels, making it a key magnetic zone in the short term. It’s expected that Ethereum will sweep this region before a potential reversal. This is because the $2.8k-$3k region has been a significant support/resistance zone since April, likely housing many sellers. However, if Bitcoin continues its upward rally, the bulls may overpower them.</p>
<p>High-leverage long positions at the $2,647 and $2,621 levels could be targeted in a liquidity hunt in the short term. The positive cumulative liquidation levels delta suggests a near-term price retracement is possible.</p>
<p>The coming weeks are predicted to be bullish for Ethereum, with a potential move towards $2.8k-$2.9k. Any further gains would depend on market sentiment and the strength of the buyers, as reflected in the trading volume.</p>
<p>The information provided should not be considered as financial, investment, trading, or any other type of advice. It is solely the writer’s opinion.</p>

Ethereum Positioned for Rally to $2.8k, Suggested by Swift Liquidation Levels

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CoinEagle.com

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