Ethereum

<p><a href="https://en.coin-turk.com/ethereum-rockets-to-record-highs-leaving-bitcoin-in-its-wake/" rel="noopener noreferrer nofollow">Ethereum</a> recently dipped below the $2,000 mark, retreating toward a key support area in the market. The decline followed a rejection at the 200-week moving average of $2,471, adding downward pressure to the price. According to analysts, Ethereum’s ability to hold its long-term rising support line will be critical to any potential rally in the coming period.</p>
<h2 id="is-five-years-of-consolidation-ending">Is five years of consolidation ending?</h2>
<p>Technical analyses shared on X (formerly Twitter) suggest that Ethereum is approaching the end of an almost five-year consolidation phase on the weekly chart. Analyst Rod’s scenario points to the completion of a broad Elliott Wave A-B-C correction pattern. After bottoming out in 2022 and staging a recovery, Ethereum may face further declines extending through 2025 or 2026.</p>
<p>In Rod’s chart, the recent downward move is marked as the final leg (wave C) of this correction and sits directly on a long-standing support line that has held since 2022. This support level is crucial in helping Ethereum withstand further downward momentum.</p>
<blockquote>
 <p>Analysts note, “If Ethereum can maintain this rising support, there is potential for the structure to break upward and target at least $7,000.”</p>
</blockquote>
<p>However, if Ethereum loses this support line, the sideways movement that has persisted for five years on the weekly timeframe may weaken significantly.</p>
<p>Glossary: Elliott Wave Theory is a technical analysis method that suggests price movements in financial markets unfold in specific wave structures. It is mainly used to identify long-term trends and corrective phases.</p>
<h2 id="key-support-at-1-742">Key support at $1,742</h2>
<p>Technical specialist PeloSwing highlights that after falling below $2,000, Ethereum is quickly approaching a long-term support trend at $1,742. This trend line has served as a significant anchor for the price since 2023.</p>
<p>Ethereum failed to surpass the critical 200-week moving average at $2,471 and also could not break through the horizontal resistance at $2,116. Market watchers now closely follow whether the price can rebound from the $1,742 trend line.</p>
<p>The technical outlook suggests if this support holds, Ethereum could once again test the resistances at $2,116 and then $2,471. Should the trend line break, lower supports at $1,383 and $1,071 come into prominence for Ethereum.</p>
<table>
 <thead>
  <tr>
   <th>Level</th>
   <th>Reason</th>
   <th>Price (USD)</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>Nearest short-term resistance</td>
   <td>Horizontal resistance</td>
   <td>2,116</td>
  </tr>
  <tr>
   <td>200-week MA</td>
   <td>Long-term resistance</td>
   <td>2,471</td>
  </tr>
  <tr>
   <td>Critical support trend</td>
   <td>Ascending long-term support</td>
   <td>1,742</td>
  </tr>
  <tr>
   <td>Lower support</td>
   <td>Previous bottom area</td>
   <td>1,383</td>
  </tr>
  <tr>
   <td>Lower support</td>
   <td>Previous bottom area</td>
   <td>1,071</td>
  </tr>
 </tbody>
</table>
<h2 id="market-balance-and-rsi-indicator">Market balance and RSI indicator</h2>
<p>Analysts also point out that the weekly RSI indicator now hovers near oversold territory. This shows that Ethereum’s upward momentum is weakening and that the market faces a pivotal decision point.</p>
<p>In summary, Ethereum’s price action will hinge on whether the long-term support trend, active since 2022, remains intact. Holding above this level could spur new rallies, while a decisive break below support may trigger deeper declines into lower ranges.</p>
<p>The post <a href="https://en.coin-turk.com/ethereum-nears-1742-support-after-falling-below-2000/" rel="noopener noreferrer nofollow">Ethereum nears $1,742 support after falling below $2,000</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Ethereum nears $1,742 support after falling below $2,000

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