Crypto price prediction: Ethereum (ETH) crucial level is closely monitoring for next movement

Ethereum (ETH) crypto analysis:

Ethereum has experienced fluctuations in its price over the past week. In the last hour, its value increased by 0.28%, and over the past 24 hours, it rose by 1.56%. However, despite these short-term gains, Ethereum’s price has dropped by 9.61% over the past week. Currently, Ethereum is trading at $1923.82 per ETH. Its 24-hour trading volume stands at $11.137 billion, reflecting strong market activity.

Ethereum’s total market capitalization has now reached approximately $232 billion, based on its circulating supply of 120.6 million ETH. This market cap highlights Ethereum’s significant presence in the crypto space. Despite this, the market remains volatile, with traders constantly adjusting their positions. In the past 24 hours, Ethereum recorded $21.02 million in futures liquidations. Of this amount, $5.86 million came from long positions, while $15.16 million came from short positions. This imbalance suggests that traders betting on a price decline have been more active.

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Ethereum’s price movements continue to follow a specific pattern within a rectangular channel. After dropping below $2,200, the cryptocurrency found support near $1,750. This range has remained a key area of interest for traders. Recently, the demand for Ethereum around $1,880 has increased, with the amount of ETH bought rising from 1.6 million to 1.9 million ETH. This surge in buying activity indicates that many investors see the current price as an opportunity to accumulate more ETH.

The increase in buying interest around $1,880 aligns with broader social media trends. More traders have been using terms like "buy-the-dip" and "bottom," indicating growing confidence in Ethereum’s potential rebound. However, despite this optimism, Ethereum has struggled to break above the $2,200 resistance level. If it fails to recover beyond this point, there is a possibility that it could decline further, with $1,500 being the next major support level.

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Technical indicators suggest that Ethereum’s market is still under bearish pressure. The Relative Strength Index (RSI), a measure of market momentum, is currently below its neutral level. Additionally, the Stochastic Oscillator (Stoch) is in the oversold region, meaning that sellers still dominate the market. However, if the Stoch crosses above its moving average line, it could signal a shift toward bullish momentum, potentially driving Ethereum’s price higher.

For Ethereum to regain strength, a strong weekly close above $2,200 is crucial. Such a move would invalidate the bearish outlook and could pave the way for further gains. Until then, the market remains uncertain, with both buyers and sellers closely watching key support and resistance levels. Whether Ethereum can sustain its recent gains or face another decline will depend on future market movements and investor sentiment.