Ethereum encountered a significant rejection at the $2.8K threshold, followed by a pullback to the wedge\u2019s broken lower boundary.<\/p>\n
This price movement reflects a bearish sentiment and suggests a potential continuation of the downward trend, with the next target being the $2.1K support region.<\/p>\n
By Shayan<\/a><\/p>\n Ethereum had been struggling near the lower boundary of a multi-month wedge at $2.8K for several weeks before encountering significant selling pressure, leading to a notable rejection.<\/p>\n As anticipated in our prior analysis, ETH completed a successful pullback to this broken level, followed by a sharp decline. The substantial supply pressure around the $2.8K mark suggests that this rejection could push the price toward the critical $2.1K support region.<\/p>\n Moreover, the 100-day moving average recently crossed below the 200-day moving average at $3.2K, forming a \u201cdeath cross.\u201d This bearish signal reinforces the expectation of continued downward movement toward the crucial $2.1K support zone in the short term.<\/a><\/p>\n On the 4-hour chart, Ethereum could not break through the key resistance region defined by the 0.5 ($2.6K) and 0.618 ($2.8K) Fibonacci levels, leading to heightened selling pressure.<\/p>\n This resulted in a significant rejection at the $2.8K level, initiating a pronounced downtrend. Additionally, ETH broke below the ascending wedge\u2019s lower boundary on the 4-hour timeframe, a pattern that typically signals trend continuations. Consequently, the asset is expected to continue its decline in the short term, with sellers likely targeting the crucial $2.1K support level.<\/a><\/p>\n By Shayan<\/a><\/p>\n The futures market has played a significant role in Ethereum\u2019s recent price movements, with the past few weeks highlighting this influence. Analyzing futures market sentiment offers valuable insights into potential price trends.<\/p>\n This chart showcases the Ethereum Funding Rates metric, which gauges whether buyers or sellers are more aggressive in placing orders. Positive values reflect a bullish sentiment, while negative ones indicate a bearish outlook.<\/p>\n As observed, funding rates have been trending downward in recent months, hitting their lowest levels. This consistent decline suggests a prevailing bearish sentiment in the market, with a noticeable lack of buying interest. Demand in the perpetual markets must increase for Ethereum to recover and approach its all-time highs. If the current trend continues, further price declines are likely in the mid-term.<\/a><\/p>\n The post Ethereum Price Analysis: Is ETH Doomed to Plummet to $2.1K Soon?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum encountered a significant rejection at the $2.8K threshold, followed by a pullback to the wedge\u2019s broken lower boundary. This price movement reflects a bearish sentiment and suggests a potential continuation of the downward trend, with the next target being the $2.1K support region. Technical Analysis By Shayan The Daily Chart Ethereum had been struggling […]<\/p>\n","protected":false},"author":0,"featured_media":1964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1963","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\/1963"}],"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=1963"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1964"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Daily Chart<\/h3>\n
The 4-Hour Chart<\/h3>\n
On-Chain Analysis<\/h2>\n
![<\/a><\/p>\nThe 4-Hour Chart<\/h3>\nOn the 4-hour chart, Ethereum could not break through the key resistance region defined by the 0.5 ($2.6K) and 0.618 ($2.8K) Fibonacci levels, leading to heightened selling pressure.<\/p>\nThis resulted in a significant rejection at the $2.8K level, initiating a pronounced downtrend. Additionally, ETH broke below the ascending wedge\u2019s lower boundary on the 4-hour timeframe, a pattern that typically signals trend continuations. Consequently, the asset is expected to continue its decline in the short term, with sellers likely targeting the crucial $2.1K support level.<\/a><\/p>\nOn-Chain Analysis<\/h2>\nBy Shayan<\/a><\/p>\nThe futures market has played a significant role in Ethereum\u2019s recent price movements, with the past few weeks highlighting this influence. Analyzing futures market sentiment offers valuable insights into potential price trends.<\/p>\nThis chart showcases the Ethereum Funding Rates metric, which gauges whether buyers or sellers are more aggressive in placing orders. Positive values reflect a bullish sentiment, while negative ones indicate a bearish outlook.<\/p>\nAs observed, funding rates have been trending downward in recent months, hitting their lowest levels. This consistent decline suggests a prevailing bearish sentiment in the market, with a noticeable lack of buying interest. Demand in the perpetual markets must increase for Ethereum to recover and approach its all-time highs. If the current trend continues, further price declines are likely in the mid-term.<\/a><\/p>\nThe post Ethereum Price Analysis: Is ETH Doomed to Plummet to $2.1K Soon?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum encountered a significant rejection at the $2.8K threshold, followed by a pullback to the wedge\u2019s broken lower boundary. This price movement reflects a bearish sentiment and suggests a potential continuation of the downward trend, with the next target being the $2.1K support region. Technical Analysis By Shayan The Daily Chart Ethereum had been struggling […]<\/p>\n","protected":false},"author":0,"featured_media":1964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1963","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\/1963"}],"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=1963"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1964"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/08\/ETH-D-6-scaled.jpg\"){kind=link}
![<\/a><\/p>\nOn-Chain Analysis<\/h2>\nBy Shayan<\/a><\/p>\nThe futures market has played a significant role in Ethereum\u2019s recent price movements, with the past few weeks highlighting this influence. Analyzing futures market sentiment offers valuable insights into potential price trends.<\/p>\nThis chart showcases the Ethereum Funding Rates metric, which gauges whether buyers or sellers are more aggressive in placing orders. Positive values reflect a bullish sentiment, while negative ones indicate a bearish outlook.<\/p>\nAs observed, funding rates have been trending downward in recent months, hitting their lowest levels. This consistent decline suggests a prevailing bearish sentiment in the market, with a noticeable lack of buying interest. Demand in the perpetual markets must increase for Ethereum to recover and approach its all-time highs. If the current trend continues, further price declines are likely in the mid-term.<\/a><\/p>\nThe post Ethereum Price Analysis: Is ETH Doomed to Plummet to $2.1K Soon?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum encountered a significant rejection at the $2.8K threshold, followed by a pullback to the wedge\u2019s broken lower boundary. This price movement reflects a bearish sentiment and suggests a potential continuation of the downward trend, with the next target being the $2.1K support region. Technical Analysis By Shayan The Daily Chart Ethereum had been struggling […]<\/p>\n","protected":false},"author":0,"featured_media":1964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1963","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\/1963"}],"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=1963"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1964"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/08\/ETH-4H-6-scaled.jpg\"){kind=link}
![<\/a><\/p>\nThe post Ethereum Price Analysis: Is ETH Doomed to Plummet to $2.1K Soon?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum encountered a significant rejection at the $2.8K threshold, followed by a pullback to the wedge\u2019s broken lower boundary. This price movement reflects a bearish sentiment and suggests a potential continuation of the downward trend, with the next target being the $2.1K support region. Technical Analysis By Shayan The Daily Chart Ethereum had been struggling […]<\/p>\n","protected":false},"author":0,"featured_media":1964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1963","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\/1963"}],"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=1963"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1964"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/08\/Ethereum-Funding-Rates-All-Exchanges-scaled.jpg\"){kind=link}