Ethereum\u2019s recent rejection at the key resistance region of the 100-day MA level suggests a false breakout and a potential short-term correction.<\/p>\n
However, a break above this threshold could trigger a bullish surge toward $3K. The price is expected to consolidate, with $2.4K as a critical support level.<\/p>\n
By Shayan<\/a><\/p>\n Ethereum has recently seen a notable increase in demand and bullish momentum, causing the asset to test and slightly breach the decisive resistance region formed by the 100-day moving average at $2.7K and the inverted head and shoulders neckline at $2.6K. Despite this brief breach, ETH quickly faced rejection due to significant supply at this level, causing the price to plummet below the 100-day MA.<\/p>\n This false breakout hints at a bull trap, signalling a potential period of descending consolidation correction in the short term. Ethereum is trading between the 100-day MA and the $2.5K support region, with a breakout above this resistance likely to signal a sustained bullish trend.<\/a><\/p>\n On the 4-hour chart, Ethereum surged toward the critical resistance zone bounded by the 0.5 ($2.6K) and 0.618 ($2.7K) Fibonacci retracement levels, representing a significant barrier for buyers. A breakout above this range could lead to massive short liquidations and a further price rally. However, the recent price action indicates intense selling pressure near this area, resulting in a rejection and a halt in bullish momentum.<\/p>\n If this selling pressure persists, Ethereum will likely enter a period of mid-term consolidation correction, targeting the lower boundary of the flag pattern around the $2.4K threshold. Conversely, if buying pressure resurges and the price breaks through the $2.7K resistance, the next target will likely be the $3K substantial resistance, which also coincides with the 200-day moving average.<\/p>\n <\/a><\/p>\n By Shayan<\/a><\/p>\n The Estimated Leverage Ratio is an essential metric for gauging the risk participants in the futures market are willing to take by using leverage. A rising ELR typically signals an increase in leveraged positions, which can amplify market moves in either direction.<\/p>\n The metric has increased over the last few months, coinciding with an overall price downtrend. This suggests that more traders are opening high-leverage short positions, betting on further price declines for Ethereum. The market appears bearish on ETH\u2019s upcoming prospects, with many expecting further downside.<\/p>\n With leverage at concerning levels, the futures market is now considered overheated. This leaves Ethereum vulnerable to a potential short-squeeze event.<\/p>\n In such a scenario, if ETH rises unexpectedly, traders with short positions could be forced to cover their positions by buying back ETH, creating an impulsive price spike. The 100-day moving average at $2.7K is a key resistance level. A breakout above this level would likely lead to massive short liquidations, increasing ETH\u2019s price.<\/a><\/p>\n The post Ethereum Price Analysis: ETH\u2019s Rejection at $2.7K Could Spell Further Trouble<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum\u2019s recent rejection at the key resistance region of the 100-day MA level suggests a false breakout and a potential short-term correction. However, a break above this threshold could trigger a bullish surge toward $3K. The price is expected to consolidate, with $2.4K as a critical support level. Technical Analysis By Shayan The Daily Chart […]<\/p>\n","protected":false},"author":0,"featured_media":15586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15585","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\/15585"}],"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=15585"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15586"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Daily Chart<\/h3>\n
The 4-Hour Chart<\/h3>\n
Onchain Analysis<\/h2>\n
![<\/a><\/p>\nThe 4-Hour Chart<\/h3>\nOn the 4-hour chart, Ethereum surged toward the critical resistance zone bounded by the 0.5 ($2.6K) and 0.618 ($2.7K) Fibonacci retracement levels, representing a significant barrier for buyers. A breakout above this range could lead to massive short liquidations and a further price rally. However, the recent price action indicates intense selling pressure near this area, resulting in a rejection and a halt in bullish momentum.<\/p>\nIf this selling pressure persists, Ethereum will likely enter a period of mid-term consolidation correction, targeting the lower boundary of the flag pattern around the $2.4K threshold. Conversely, if buying pressure resurges and the price breaks through the $2.7K resistance, the next target will likely be the $3K substantial resistance, which also coincides with the 200-day moving average.<\/p>\n<\/a><\/p>\nOnchain Analysis<\/h2>\nBy Shayan<\/a><\/p>\nThe Estimated Leverage Ratio is an essential metric for gauging the risk participants in the futures market are willing to take by using leverage. A rising ELR typically signals an increase in leveraged positions, which can amplify market moves in either direction.<\/p>\nThe metric has increased over the last few months, coinciding with an overall price downtrend. This suggests that more traders are opening high-leverage short positions, betting on further price declines for Ethereum. The market appears bearish on ETH\u2019s upcoming prospects, with many expecting further downside.<\/p>\nWith leverage at concerning levels, the futures market is now considered overheated. This leaves Ethereum vulnerable to a potential short-squeeze event.<\/p>\nIn such a scenario, if ETH rises unexpectedly, traders with short positions could be forced to cover their positions by buying back ETH, creating an impulsive price spike. The 100-day moving average at $2.7K is a key resistance level. A breakout above this level would likely lead to massive short liquidations, increasing ETH\u2019s price.<\/a><\/p>\nThe post Ethereum Price Analysis: ETH\u2019s Rejection at $2.7K Could Spell Further Trouble<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s recent rejection at the key resistance region of the 100-day MA level suggests a false breakout and a potential short-term correction. However, a break above this threshold could trigger a bullish surge toward $3K. The price is expected to consolidate, with $2.4K as a critical support level. Technical Analysis By Shayan The Daily Chart […]<\/p>\n","protected":false},"author":0,"featured_media":15586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15585","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\/15585"}],"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=15585"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15586"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/ETH-D-6-scaled.jpg\"){kind=link}
![<\/a><\/p>\nOnchain Analysis<\/h2>\nBy Shayan<\/a><\/p>\nThe Estimated Leverage Ratio is an essential metric for gauging the risk participants in the futures market are willing to take by using leverage. A rising ELR typically signals an increase in leveraged positions, which can amplify market moves in either direction.<\/p>\nThe metric has increased over the last few months, coinciding with an overall price downtrend. This suggests that more traders are opening high-leverage short positions, betting on further price declines for Ethereum. The market appears bearish on ETH\u2019s upcoming prospects, with many expecting further downside.<\/p>\nWith leverage at concerning levels, the futures market is now considered overheated. This leaves Ethereum vulnerable to a potential short-squeeze event.<\/p>\nIn such a scenario, if ETH rises unexpectedly, traders with short positions could be forced to cover their positions by buying back ETH, creating an impulsive price spike. The 100-day moving average at $2.7K is a key resistance level. A breakout above this level would likely lead to massive short liquidations, increasing ETH\u2019s price.<\/a><\/p>\nThe post Ethereum Price Analysis: ETH\u2019s Rejection at $2.7K Could Spell Further Trouble<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s recent rejection at the key resistance region of the 100-day MA level suggests a false breakout and a potential short-term correction. However, a break above this threshold could trigger a bullish surge toward $3K. The price is expected to consolidate, with $2.4K as a critical support level. Technical Analysis By Shayan The Daily Chart […]<\/p>\n","protected":false},"author":0,"featured_media":15586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15585","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\/15585"}],"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=15585"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15586"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/ETH-4H-7-scaled.jpg\"){kind=link}
![<\/a><\/p>\nThe post Ethereum Price Analysis: ETH\u2019s Rejection at $2.7K Could Spell Further Trouble<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s recent rejection at the key resistance region of the 100-day MA level suggests a false breakout and a potential short-term correction. However, a break above this threshold could trigger a bullish surge toward $3K. The price is expected to consolidate, with $2.4K as a critical support level. Technical Analysis By Shayan The Daily Chart […]<\/p>\n","protected":false},"author":0,"featured_media":15586,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15585","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\/15585"}],"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=15585"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15586"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/10\/Ethereum-Estimated-Leverage-Ratio-All-Exchanges-scaled.jpg\"){kind=link}