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Home»Altcoins»Ethereum heads for a $2,100 retest! Will ETH price succeed this time?
Altcoins

Ethereum heads for a $2,100 retest! Will ETH price succeed this time?

2023-11-20No Comments3 Mins Read
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This week started with a strong market surge, with Bitcoin breaking past $37,000 and Ethereum regaining strength, reaching the $2,000 level. Amid Ethereum’s quiet build near its recent low, expectations of a retest at the $2.1K level are growing, raising concerns about a potential major shift caused by substantial liquidations.

Whales made silent accumulation

Ethereum’s price had an unexpected rally and climbed above $2,000, leading to significant liquidations, as Coinglass data shows. This surge resulted in the liquidation of approximately $16 million in short positions as the price moved below $1,900 against sellers’ bearish expectations.

Ethereum’s recent price drops, which seemed worrying to some, were seen as buying opportunities by whales. They increased their holdings, as evidenced by the increase in the number of addresses holding more than 10,000 ETH, worth approximately $20 million. This is the first time in two months that whales quietly accumulated ETH, resulting in the recent pump.

However, these whales could soon exit with a profit if ETH price takes a setback testing $2,100. The NVT ratio is currently showing signs of overvaluation as it has increased and now stands at 78.83. This reflects that as the price of ETH rises, the overall value of the network also rises. However, Ethereum transaction activity was relatively low this week. This trend indicates that ETH’s price may be approaching an overvalued status and could undergo a correction near the $2.1K level.

Ethereum’s current long/short ratio reflects a battle between bulls and bears. If the bulls falter in their attempt to break the $2,100 barrier, Ethereum’s price could experience significant liquidations. The latest figures show that the long/short ratio stands at 0.9131, with buyers holding 47.7% of positions, while sellers hold a slightly higher stake of 52.3%.

See also  VET is struggling, can VeChain change anything?

What’s next for the ETH price?

Ethereum is currently facing strong resistance around $2,050. However, a promising indicator is the ability of the bulls to hold the price above the 20-day exponential moving average. At the time of writing, ETH price is trading at $2,025, up over 3.5% from yesterday’s price.

The upward trend of the moving averages and the relative strength index (RSI) in the positive territory suggest that the bulls have an advantage.

A successful break above $2,160 could send the price towards $2,400. At this level, the bears could sell aggressively. A potential sign of bearishness would be a close below the 20-day EMA, indicating that sideways movement is possible in the near term. In that case, the price may fluctuate between $1,850 and $2,000 for some time.

The 4-hour chart indicates a potential for a reversal from the resistance point. A decline from the trendline could see the price consolidate just below $2K. However, it will weaken the resistance level, creating more chances for a breakout in the coming hours.



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