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Ethereum experienced one of the most aggressive sale in its history on Monday and fell 25% in one day in the middle of market -wide panic. The rapid decline sent shock waves through the crypto room and marked one of the most volatile trade sessions ever registered for ETH.
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However, the price returned within a few hours, so that almost the entire fall was deleted and stabilizes above the most important support levels. Despite this rapid recovery, Ethereum is now confronted with serious risks because it acts slightly below a crucial level of resistance, so that investors remain uncertain about the next step.
Top analyst Daan shared a technical analysis of X, which showed that both Bitcoin and Ethereum are currently in consolidation and try to form a higher layer after the dramatic market from this weekend. He noted that this phase is of crucial importance for determining the following important trend, because retaining above the current levels could indicate the start of a new bullish leg.
Not setting strong support can lead to further disadvantage, which means that Ethereum runs the risk of another correction. With uncertainty that still looms up, all eyes are focused on ETH’s ability to reclaim lost terrain and to determine Momentum for a possible outbreak in the coming days.
Ethereum is preparing for a decisive movement in the midst of uncertainty
Ethereum is currently being traded under the $ 2,800 marking and is struggling to win Momentum after last week’s historical volatility. The recent price promotion has frustrated investors because the hope of a strong rally will fade. Although Bitcoin has shown relative strength, Ethereum is stuck in a tight reach, unable to break above the most important resistance levels. The uncertainty in the market has led to a decrease in the trust of investors, where many wonder whether ETH will soon be able to recover his bullish structure.
Top analyst Daan shared a technical analysis on XRevealing that consolidations are everywhere. He noted that BTC, ETH and most Altcoins show similar patterns – with regard to a higher layer after the aggressive flush from the weekend.
According to Daan, when Ethereum successfully breaks above his consolidation channel, it may obtain the momentum needed to push above the most important food levels and start a new bullish phase. However, failing to do this can lead to more close pressure.
In the coming weeks will be crucial for the Ethereum price process. If ETH can hold up $ 2,700 and push to $ 3,000, this can arouse renewed interest rates. However, the constant non -advancing the most important resistance levels can push Ethereum to deeper consolidation, so that the market participants are further frustrated.
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Despite the uncertainty in the short term, institutions continue to collect ETH, which recognizes the long -term value. Historically, these periods of consolidation are followed by explosive price movements.
Price is struggling under $ 2,900
Ethereum is currently trading at $ 2,750 after days of consolidation below $ 2,900. Despite several attempts to push higher, ETH has difficulty reclaiming the most important resistance levels that would indicate a shift in Momentum. The price promotion remains uncertain, with Bulls trying to keep the $ 2,700 support zone while looking for an outbreak above $ 2,800 marking to regain short-term control.
The most critical resistance level remains the $ 3,000. If Ethereum can successfully push over this price and make it in support, it will open the door for a rally in higher nutrition levels. This would strengthen the bullish case and possibly cause a movement to $ 3,300 or higher.
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On the other hand, the crucial retention of $ 2,700 is to prevent further sales pressure. If ETH does not defend this level, a decrease to $ 2,600 or even $ 2,500 could be the next step. However, as long as Ethereum remains within this consolidation range, traders will continue to pay attention to a decisive outbreak. A nearby $ 2,800 in the coming days would be the first sign that bulls will gain strength and that a new upward trend begins.
Featured image of Dall-E, graph of TradingView