Ethereum Price: Will $2,900 Be the Ultimate Buy Opportunity?
What’s Next for Ethereum? ETH Price Predictions and Market Trends
Ethereum (ETH) is currently trading at $3,300, marking a 10% drop over the past two days after failing to surpass the critical resistance level of $3,700. This decline has pushed ETH to test the $3,200 support zone, which remains vital for preventing further downward momentum.
Bullish Outlook: Buy-the-Dip Opportunity?
Prominent crypto analyst Ali, in a recent post, suggests that a dip to $2,900 could signal a strong bullish opportunity for Ethereum. This level might present an attractive "buy-the-dip" scenario for investors. Looking ahead, the $4,100 resistance zone serves as a pivotal point.
A successful breakout above this neckline could trigger a significant rally, with the potential to push ETH toward the $6,500–$7,000 range, based on the height of the observed price pattern.
Liquidation Trends: A Volatile 24 Hours
The past 24 hours have been marked by high liquidation activity, with a total of $85.99 million liquidated across the market. Long positions accounted for $44.39 million, reflecting increased selling pressure. At the same time, $41.60 million in short positions were also liquidated, highlighting extreme market volatility impacting traders on both sides.
Ethereum’s price action could take a bullish turn if it successfully forms an inverse head-and-shoulders (H&S) pattern, potentially driving the price up to $4,000. This breakout could pave the way for a new all-time high near $4,800. Historically, Ethereum has performed exceptionally well in the first quarter, adding weight to this optimistic scenario.
Bearish Risks: Watch for a Triple-Top Formation
On the flip side, a potential triple-top pattern near $4,100 poses a bearish risk. This formation, identified by three peaks and a neckline around $2,150, could signal a significant downturn if Ethereum fails to maintain its current support levels. A drop to $2,150 would likely trigger a larger decline from its present price point.
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