{"id":15111,"date":"2024-10-20T06:22:53","date_gmt":"2024-10-20T06:22:53","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15111"},"modified":"2024-10-20T06:22:53","modified_gmt":"2024-10-20T06:22:53","slug":"ethereum-price-analysis-where-is-eth-heading-next-after-gaining-7-weekly","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15111","title":{"rendered":"Ethereum Price Analysis: Where Is ETH Heading Next After Gaining 7% Weekly?"},"content":{"rendered":"

Ethereum has reached a decisional point at the head and shoulders neckline and the 100-day crucial moving average. A potential breakout will likely lead to a significant surge due to a massive short liquidation cascade.<\/p>\n

The price action in the coming days will play a crucial role in determining ETH\u2019s broader prospects.<\/p>\n

Technical Analysis<\/h2>\n

By Shayan<\/a><\/p>\n

The Daily Chart<\/h3>\n

Ethereum has reached a decisional point at a crucial resistance region consisting of the Head and Shoulders neckline and the 100-day moving average at $2.7K. The price action in recent days has shown low-volatility sideways movement, reflecting an equilibrium state between buyers and sellers. This indicates indecision in the market, with neither side able to take control.<\/p>\n

If Ethereum can break above this key resistance zone, it would confirm the completion of the H&S pattern, signaling a potential mid-term uptrend. A successful breakout would also mean the asset reclaimed the 100-day MA, reinforcing bullish momentum. In this scenario, Ethereum\u2019s price could target the $3K threshold, another significant resistance level.<\/p>\n

However, this area is filled with supply, and a failure to breach it could lead to rejection, stalling any upward movement. Therefore, the upcoming price action will be critical in determining Ethereum\u2019s broader prospects.<\/a><\/p>\n

The 4-Hour Chart<\/h3>\n

On the 4-hour chart, Ethereum exhibits sideways consolidation near the resistance zone bounded by the 0.5 ($2.6K) and 0.618 ($2.7K) Fibonacci retracement levels. This area has been a challenge for buyers, with several previous attempts to break it rejected due to significant selling pressure.<\/p>\n

Furthermore, a slight bearish divergence is emerging between the price and the RSI indicator, suggesting a gradual increase in sellers\u2019 power. This could indicate an impending rejection at the resistance zone, triggering a decline toward the $2.3K support level.<\/p>\n

Conversely, a sudden breakout above $2.7K would open the path for further gains, potentially leading to a rally toward the $3K threshold. As a result, the upcoming price movement will provide important insights into Ethereum\u2019s next trend.<\/a><\/p>\n

Onchain Analysis<\/h1>\n

By Shayan<\/a><\/p>\n

As Ethereum approaches a substantial resistance region around $2.7K, analyzing the futures market provides essential insights into the potential price direction over the coming days. The Binance Liquidation Heatmap highlights critical liquidity pools representing a concentration of stop-loss orders and liquidation levels of futures positions.<\/p>\n

The chart reveals a notably concentrated liquidity pool just above the $2.7K resistance region, indicating many short positions clustered in this area. This is important because liquidations amplify price movements when prices approach such levels, triggering a liquidation cascade. In this case, a potential breakout above $2.7K would likely lead to the liquidation of many short positions, adding to the buying pressure and potentially pushing the price even higher.<\/p>\n

However, there is also the potential for a false breakout, leading to a bull trap. In such scenarios, larger market participants or whales may exploit the high liquidity by executing large trades that briefly drive the price above $2.7K, only to reverse the trend quickly. This rapid price reversal could catch overleveraged traders off guard, pushing Ethereum\u2019s price back below $2.7K and trapping buyers who anticipated a sustained breakout.<\/a><\/p>\n

The post Ethereum Price Analysis: Where Is ETH Heading Next After Gaining 7% Weekly?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum has reached a decisional point at the head and shoulders neckline and the 100-day crucial moving average. A potential breakout will likely lead to a significant surge due to a massive short liquidation cascade. The price action in the coming days will play a crucial role in determining ETH\u2019s broader prospects. Technical Analysis By […]<\/p>\n","protected":false},"author":0,"featured_media":15112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15111","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\/15111"}],"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=15111"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15112"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}