Ethereum\u2019s recent attempt to break above the multi-month descending channel\u2019s middle threshold of $2.6K has turned out to be a false breakout, leading to a notable rejection and sharp decline.<\/p>\n
This pattern suggests a potential mid-term continuation of the downtrend toward the $2.1K support level.<\/p>\n
By Shayan<\/a><\/p>\n Ethereum\u2019s price action on the daily chart has highlighted a bull trap. Much like in late August, when ETH broke above the descending channel\u2019s middle threshold only to be swiftly rejected, a similar pattern has unfolded recently.<\/p>\n After the price briefly surpassed the $2.6K resistance, it failed to maintain momentum and faced considerable selling pressure, resulting in a 15% drop. This failure to establish a higher high indicates sellers\u2019 dominance in the market.<\/p>\n Now, the cryptocurrency is approaching a crucial support zone of around $2.1K, which aligns with a previous major swing low. It seems likely to enter a descending consolidation phase for the mid-term, gradually declining toward this key level.<\/p>\n <\/a>Source: TradingView<\/p>\n On the 4-hour chart, Ethereum\u2019s inability to maintain upward momentum near the 0.5 ($2.6K) \u2013 0.618 ($2.8K) Fibonacci levels triggered a bearish three-drive pattern.<\/p>\n This well-known reversal pattern and a bearish divergence between the price and the RSI indicator suggested that sellers were regaining control over the market. Consequently, Ethereum experienced a sharp decline, falling back toward the ascending flag\u2019s lower boundary of $2.3K.<\/p>\n Currently, sellers aim to push Ethereum\u2019s price below the flag\u2019s lower boundary, which would likely begin a fresh bearish trend. If this breakout to the downside occurs, ETH\u2019s next primary target would be the $2K psychological support. However, the $2.1K threshold remains buyers\u2019 first line of defense.<\/p>\n <\/a>Source: TradingView<\/p>\n By Shayan<\/a><\/p>\n This analysis focuses on the 50-day moving average of Ethereum\u2019s funding rates, which provides a clearer picture of the broader sentiment within the futures market.<\/p>\n Recently, ETH\u2019s 50-day moving average funding rate has been steadily declining, reaching its lowest level in 2024. This persistent downtrend highlights bearish sentiment among futures traders, indicating an overall lack of buying interest in the market. Such conditions are often linked to declining prices, as short-sellers dominate the market.<\/p>\n For Ethereum to recover and rise to higher price levels, demand from the perpetual futures market must increase. The continuous drop in funding rates suggests that the selling pressure is more aggressive than buying interest, reflecting bearish expectations for ETH in the mid-term.<\/p>\n Although negative funding rates are generally associated with bearish conditions, they can sometimes signal a potential market reversal.<\/p>\n This happens through short liquidation cascades, where aggressive short positions get liquidated, triggering a rapid surge in price. For this to occur, however, substantial buying pressure from the spot market needs to support a rebound.<\/p>\n <\/a>Source: CryptoQuant<\/p>\n The post Here Are ETH\u2019s Most Probable Next Targets: Ethereum Price Analysis<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum\u2019s recent attempt to break above the multi-month descending channel\u2019s middle threshold of $2.6K has turned out to be a false breakout, leading to a notable rejection and sharp decline. This pattern suggests a potential mid-term continuation of the downtrend toward the $2.1K support level. Technical Analysis By Shayan The Daily Chart Ethereum\u2019s price action […]<\/p>\n","protected":false},"author":0,"featured_media":11679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11678"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11678"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11679"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Daily Chart<\/h2>\n
The 4-Hour Chart<\/h2>\n
Onchain Analysis<\/h1>\n
![<\/a>Source: TradingView<\/p>\nThe 4-Hour Chart<\/h2>\nOn the 4-hour chart, Ethereum\u2019s inability to maintain upward momentum near the 0.5 ($2.6K) \u2013 0.618 ($2.8K) Fibonacci levels triggered a bearish three-drive pattern.<\/p>\nThis well-known reversal pattern and a bearish divergence between the price and the RSI indicator suggested that sellers were regaining control over the market. Consequently, Ethereum experienced a sharp decline, falling back toward the ascending flag\u2019s lower boundary of $2.3K.<\/p>\nCurrently, sellers aim to push Ethereum\u2019s price below the flag\u2019s lower boundary, which would likely begin a fresh bearish trend. If this breakout to the downside occurs, ETH\u2019s next primary target would be the $2K psychological support. However, the $2.1K threshold remains buyers\u2019 first line of defense.<\/p>\n<\/a>Source: TradingView<\/p>\nOnchain Analysis<\/h1>\nBy Shayan<\/a><\/p>\nThis analysis focuses on the 50-day moving average of Ethereum\u2019s funding rates, which provides a clearer picture of the broader sentiment within the futures market.<\/p>\nRecently, ETH\u2019s 50-day moving average funding rate has been steadily declining, reaching its lowest level in 2024. This persistent downtrend highlights bearish sentiment among futures traders, indicating an overall lack of buying interest in the market. Such conditions are often linked to declining prices, as short-sellers dominate the market.<\/p>\nFor Ethereum to recover and rise to higher price levels, demand from the perpetual futures market must increase. The continuous drop in funding rates suggests that the selling pressure is more aggressive than buying interest, reflecting bearish expectations for ETH in the mid-term.<\/p>\nAlthough negative funding rates are generally associated with bearish conditions, they can sometimes signal a potential market reversal.<\/p>\nThis happens through short liquidation cascades, where aggressive short positions get liquidated, triggering a rapid surge in price. For this to occur, however, substantial buying pressure from the spot market needs to support a rebound.<\/p>\n<\/a>Source: CryptoQuant<\/p>\nThe post Here Are ETH\u2019s Most Probable Next Targets: Ethereum Price Analysis<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s recent attempt to break above the multi-month descending channel\u2019s middle threshold of $2.6K has turned out to be a false breakout, leading to a notable rejection and sharp decline. This pattern suggests a potential mid-term continuation of the downtrend toward the $2.1K support level. Technical Analysis By Shayan The Daily Chart Ethereum\u2019s price action […]<\/p>\n","protected":false},"author":0,"featured_media":11679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11678"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11678"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11679"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/ETH-D-scaled.jpg\"){kind=link}
![<\/a>Source: TradingView<\/p>\nOnchain Analysis<\/h1>\nBy Shayan<\/a><\/p>\nThis analysis focuses on the 50-day moving average of Ethereum\u2019s funding rates, which provides a clearer picture of the broader sentiment within the futures market.<\/p>\nRecently, ETH\u2019s 50-day moving average funding rate has been steadily declining, reaching its lowest level in 2024. This persistent downtrend highlights bearish sentiment among futures traders, indicating an overall lack of buying interest in the market. Such conditions are often linked to declining prices, as short-sellers dominate the market.<\/p>\nFor Ethereum to recover and rise to higher price levels, demand from the perpetual futures market must increase. The continuous drop in funding rates suggests that the selling pressure is more aggressive than buying interest, reflecting bearish expectations for ETH in the mid-term.<\/p>\nAlthough negative funding rates are generally associated with bearish conditions, they can sometimes signal a potential market reversal.<\/p>\nThis happens through short liquidation cascades, where aggressive short positions get liquidated, triggering a rapid surge in price. For this to occur, however, substantial buying pressure from the spot market needs to support a rebound.<\/p>\n<\/a>Source: CryptoQuant<\/p>\nThe post Here Are ETH\u2019s Most Probable Next Targets: Ethereum Price Analysis<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s recent attempt to break above the multi-month descending channel\u2019s middle threshold of $2.6K has turned out to be a false breakout, leading to a notable rejection and sharp decline. This pattern suggests a potential mid-term continuation of the downtrend toward the $2.1K support level. Technical Analysis By Shayan The Daily Chart Ethereum\u2019s price action […]<\/p>\n","protected":false},"author":0,"featured_media":11679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11678"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11678"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11679"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/ETH-4H-scaled.jpg\"){kind=link}
![<\/a>Source: CryptoQuant<\/p>\nThe post Here Are ETH\u2019s Most Probable Next Targets: Ethereum Price Analysis<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s recent attempt to break above the multi-month descending channel\u2019s middle threshold of $2.6K has turned out to be a false breakout, leading to a notable rejection and sharp decline. This pattern suggests a potential mid-term continuation of the downtrend toward the $2.1K support level. Technical Analysis By Shayan The Daily Chart Ethereum\u2019s price action […]<\/p>\n","protected":false},"author":0,"featured_media":11679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11678"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11678"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11679"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/Ethereum-Funding-Rates-All-Exchanges-scaled.jpg\"){kind=link}