Ethereum\u2019s bullish momentum has weakened after breaching the middle trendline of a multi-month descending channel, resulting in muted sideways price action.<\/p>\n
This consolidation phase could lead to a pullback, potentially setting up the stage for the next leg of the bullish trend.<\/p>\n
By Shayan<\/a><\/p>\n Ethereum experienced a surge driven by increased buying activity in the perpetual and spot markets, breaking above the crucial $2.5K resistance level. This breakout signals buyers\u2019 intent to push ETH toward its yearly high of $4K despite the prevailing bearish sentiment over the past few months.<\/p>\n Currently, Ethereum\u2019s price is consolidating in a sideways pattern, hinting at a potential pullback toward the recently broken trendline. If the price retraces to the $2.5K level and finds strong support, the pullback will likely conclude, positioning Ethereum for a renewed push toward the channel\u2019s upper boundary, around the $3K mark.<\/a><\/p>\n On the 4-hour chart, Ethereum\u2019s upward momentum stalled upon reaching the significant resistance zone near the 0.5 Fibonacci retracement level ($2.6K). This area presents a supply zone that has consistently acted as a barrier for buyers aiming for the $3K resistance level.<\/p>\n Although ETH may face a period of sideways consolidation or corrective retracements in the short term, a resurgence of bullish momentum could lead to a breakout above this resistance zone. A short-squeeze event may follow if this occurs, driving further price gains. However, for now, a consolidation phase is expected before Ethereum makes its next impulsive move.<\/a><\/p>\n By Shayan<\/a><\/p>\n The perpetual futures market plays a significant role in driving overall price movements, making it essential to assess the sentiment of futures traders for clues about potential trends. This analysis focuses on Ethereum\u2019s 30-day moving average of funding rates, a key metric that provides insight into whether buyers or sellers are more aggressive in executing market orders within the futures market.<\/p>\n The 30-day moving average of ETH funding rates has recently shown a slight bullish shift after a prolonged decline. This shift has coincided with a broader market rebound and an uptick in ETH\u2019s price, suggesting a possible change in overall sentiment. The rise in funding rates indicates increased buying activity among futures traders, signalling that market participants may be turning more bullish.<\/p>\n For Ethereum to continue its recovery and target higher price levels, the demand in the perpetual futures market must keep rising in the coming weeks. A sustained uptrend in the funding rates could drive further price surges in the mid-term. However, this bullish sentiment will need consistent follow-through from buyers to maintain momentum, as any significant reversal in funding rates could stall Ethereum\u2019s price growth.<\/a><\/p>\n The post ETH\u2019s Path to $3K Involves Maintaining This Critical Support (Ethereum Price Analysis)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum\u2019s bullish momentum has weakened after breaching the middle trendline of a multi-month descending channel, resulting in muted sideways price action. This consolidation phase could lead to a pullback, potentially setting up the stage for the next leg of the bullish trend. Technical Analysis By Shayan The Daily Chart Ethereum experienced a surge driven by […]<\/p>\n","protected":false},"author":0,"featured_media":9356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9355","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\/9355"}],"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=9355"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9356"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9355"}],"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\u2019s upward momentum stalled upon reaching the significant resistance zone near the 0.5 Fibonacci retracement level ($2.6K). This area presents a supply zone that has consistently acted as a barrier for buyers aiming for the $3K resistance level.<\/p>\nAlthough ETH may face a period of sideways consolidation or corrective retracements in the short term, a resurgence of bullish momentum could lead to a breakout above this resistance zone. A short-squeeze event may follow if this occurs, driving further price gains. However, for now, a consolidation phase is expected before Ethereum makes its next impulsive move.<\/a><\/p>\nOnchain Analysis<\/h2>\nBy Shayan<\/a><\/p>\nThe perpetual futures market plays a significant role in driving overall price movements, making it essential to assess the sentiment of futures traders for clues about potential trends. This analysis focuses on Ethereum\u2019s 30-day moving average of funding rates, a key metric that provides insight into whether buyers or sellers are more aggressive in executing market orders within the futures market.<\/p>\nThe 30-day moving average of ETH funding rates has recently shown a slight bullish shift after a prolonged decline. This shift has coincided with a broader market rebound and an uptick in ETH\u2019s price, suggesting a possible change in overall sentiment. The rise in funding rates indicates increased buying activity among futures traders, signalling that market participants may be turning more bullish.<\/p>\nFor Ethereum to continue its recovery and target higher price levels, the demand in the perpetual futures market must keep rising in the coming weeks. A sustained uptrend in the funding rates could drive further price surges in the mid-term. However, this bullish sentiment will need consistent follow-through from buyers to maintain momentum, as any significant reversal in funding rates could stall Ethereum\u2019s price growth.<\/a><\/p>\nThe post ETH\u2019s Path to $3K Involves Maintaining This Critical Support (Ethereum Price Analysis)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s bullish momentum has weakened after breaching the middle trendline of a multi-month descending channel, resulting in muted sideways price action. This consolidation phase could lead to a pullback, potentially setting up the stage for the next leg of the bullish trend. Technical Analysis By Shayan The Daily Chart Ethereum experienced a surge driven by […]<\/p>\n","protected":false},"author":0,"featured_media":9356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9355","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\/9355"}],"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=9355"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9356"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/ETH-D-5-scaled.jpg\"){kind=link}
![<\/a><\/p>\nOnchain Analysis<\/h2>\nBy Shayan<\/a><\/p>\nThe perpetual futures market plays a significant role in driving overall price movements, making it essential to assess the sentiment of futures traders for clues about potential trends. This analysis focuses on Ethereum\u2019s 30-day moving average of funding rates, a key metric that provides insight into whether buyers or sellers are more aggressive in executing market orders within the futures market.<\/p>\nThe 30-day moving average of ETH funding rates has recently shown a slight bullish shift after a prolonged decline. This shift has coincided with a broader market rebound and an uptick in ETH\u2019s price, suggesting a possible change in overall sentiment. The rise in funding rates indicates increased buying activity among futures traders, signalling that market participants may be turning more bullish.<\/p>\nFor Ethereum to continue its recovery and target higher price levels, the demand in the perpetual futures market must keep rising in the coming weeks. A sustained uptrend in the funding rates could drive further price surges in the mid-term. However, this bullish sentiment will need consistent follow-through from buyers to maintain momentum, as any significant reversal in funding rates could stall Ethereum\u2019s price growth.<\/a><\/p>\nThe post ETH\u2019s Path to $3K Involves Maintaining This Critical Support (Ethereum Price Analysis)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s bullish momentum has weakened after breaching the middle trendline of a multi-month descending channel, resulting in muted sideways price action. This consolidation phase could lead to a pullback, potentially setting up the stage for the next leg of the bullish trend. Technical Analysis By Shayan The Daily Chart Ethereum experienced a surge driven by […]<\/p>\n","protected":false},"author":0,"featured_media":9356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9355","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\/9355"}],"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=9355"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9356"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/ETH-4H-5-scaled.jpg\"){kind=link}
![<\/a><\/p>\nThe post ETH\u2019s Path to $3K Involves Maintaining This Critical Support (Ethereum Price Analysis)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s bullish momentum has weakened after breaching the middle trendline of a multi-month descending channel, resulting in muted sideways price action. This consolidation phase could lead to a pullback, potentially setting up the stage for the next leg of the bullish trend. Technical Analysis By Shayan The Daily Chart Ethereum experienced a surge driven by […]<\/p>\n","protected":false},"author":0,"featured_media":9356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9355","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\/9355"}],"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=9355"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9356"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/Ethereum-Rates-All-Exchanges-scaled.jpeg\"){kind=link}