Crypto price prediction: Ethereum (ETH) faces bearish pressure as liquidation rise

 Ethereum crypto analysis:

Ethreum chart analysis

Ethereum has seen a significant amount of futures liquidations in the past 24 hours, totaling $62.48 million.Out of this, $42.77 million came from long positions, while $19.71 million came from short positions. This suggests that many traders betting on ETH’s price increase were forced to sell their positions, contributing to the ongoing price decline.

The price of Ethereum has been struggling after falling below the important $2,560 support level on Monday. This drop has put ETH in a downward trend, as selling pressure continues to build. Without strong buyer support, the cryptocurrency might continue its decline, searching for the next major support zone.

Read also:

Currently, Ethereum is looking for stability near the intersection of a descending channel and a rectangular channel, around the $2,200 level. If buyers manage to hold this support, ETH could stabilize or even bounce back. However, if this level fails to hold, the price might drop further, potentially testing the $1,500 support zone.

The Relative Strength Index (RSI) is below its neutral level, signaling weakness. Additionally, the Awesome Oscillator (AO), which tracks market momentum, also remains in negative territory. These indicators suggest that sellers currently have control over the market.

Read also:

Despite the current downtrend, Ethereum still has a chance to reverse its losses. If the price manages to close above the upper boundary of the descending channel, it could signal a potential shift in momentum.