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Ethereum’s Uncertain Future: Will It Reclaim the $2,800 Level?
Ethereum has been trading between $2,650 and $2,750 for the past week, creating uncertainty in the short term. The price action remains indecisive as bulls struggle to reclaim the $2,800 level, a key supply zone that could determine Ethereum’s next move. While the long-term outlook remains uncertain, Ethereum is trading at crucial demand levels, facing continuous selling pressure that has kept price action muted.
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Investors are trying to stay calm amid volatility, but fear is spreading as Ethereum shows signs of weakness compared to Bitcoin. Some analysts worry that if ETH fails to hold above $2,600, a deeper correction could follow. However, others remain optimistic, suggesting that ETH could be forming a long-term bullish structure.
Ethereum Testing Crucial Liquidity Levels
Ethereum is currently trading between key liquidity levels of short-term demand and supply, with price action trapped in a tight range. Over the past week, ETH has closed between $2,650 and $2,750, creating uncertainty about its short-term direction. Investors remain divided, with some expecting a further correction and extended consolidation phase, while others anticipate a recovery rally soon. The market is waiting for a breakout or breakdown confirmation to determine the next trend.
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Ethereum is attempting to push above the $2,700 mark and hold it as support, which would be the first sign of bullish momentum. However, for a confirmed recovery phase, ETH must reclaim the $2,800 and $3,000 levels. These key resistance zones have acted as strong supply areas in the past and will likely dictate Ethereum’s next major move. If ETH fails to reclaim these levels, a deeper correction into lower demand around the $2,500 mark could take place.
Jelle’s Analysis: ETH Still Trading Inside a Massive Ascending Triangle
Jelle’s analysis on X reveals that ETH is still trading inside a massive ascending triangle, a multi-year bullish pattern. He noted that fakeouts have occurred on both the upside and downside, taking out liquidity in both directions. With downside liquidity now taken, Jelle expects a comeback soon, suggesting that ETH could soon attempt to reclaim lost ground.
According to Jelle’s analysis, ETH’s current price action is a result of the market adjusting to the new supply zone around $2,800. He believes that once this zone is breached, the next level of resistance will be the $3,000 mark, which has historically been a strong supply zone for ETH. If this level is broken, Jelle expects a move towards the $3,500 mark, but notes that a deeper correction could occur if the $2,500 mark is not held.
FAQs
What is the current price of Ethereum?
Ethereum is currently trading at $2,720, having closed between $2,650 and $2,750 for the past week.
What is the current market sentiment?
The market is uncertain, with investors divided on whether Ethereum will experience a further correction or a recovery rally. Some expect a deeper correction, while others believe ETH could be forming a long-term bullish structure.
What are the key resistance levels to watch?
The key resistance levels to watch are $2,800 and $3,000, which have historically acted as strong supply zones for ETH. If ETH fails to reclaim these levels, a deeper correction could occur.
What is Jelle’s analysis on X?
Jelle’s analysis on X suggests that ETH is still trading inside a massive ascending triangle, a multi-year bullish pattern. He believes that ETH could soon attempt to reclaim lost ground and notes that the current price action is a result of the market adjusting to the new supply zone around $2,800.
What is the next level of resistance after $2,800?
According to Jelle’s analysis, the next level of resistance after $2,800 would be the $3,000 mark, which has historically been a strong supply zone for ETH. If this level is broken, Jelle expects a move towards the $3,500 mark, but notes that a deeper correction could occur if the $2,500 mark is not held.
