$ETH
Ethereum (ETH) Price Analysis: Will It Break Above $3,000 or Drop to $2,200?
Ethereum remains range-bound near $2,650 after a sharp 45% rally last month. At the time of writing, ETH trades at $2,631, down 3.79% over the last 24 hours, reflecting short-term selling pressure. But a critical technical pattern is emerging that could dictate the next major move—either toward $3,000 or down to $2,200.
Liquidity Zone: Risk or Opportunity?
Market data from analyst “The Kingfisher” reveals a dense cluster of long liquidations between $2,600 and $2,700, forming a liquidity magnet. If ETH dips into this zone, a cascade of liquidations could follow, accelerating a sell-off. Currently trading within this range, ETH is at a pivotal point.
In contrast, short liquidations above current prices are relatively limited. This imbalance points to a heightened risk of a downward move, especially if sentiment turns bearish. A deeper decline could target $2,510 initially, and potentially $2,319 if panic selling intensifies.
Technical Outlook: Breakout or Breakdown?
On the daily chart, ETH is forming an ascending triangle—a bullish continuation pattern—with resistance around $2,800. A decisive daily close above this level would confirm a breakout, potentially driving ETH past the psychological $3,000 level and toward $3,100–$3,300, fueled by short squeezes and breakout momentum.
However, failure to hold above $2,510 would invalidate the bullish setup. A drop below $2,320 could trigger a deeper correction down to the $2,200 support zone.
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Quick FAQs:
Current ETH Price: $2,631.27 (-3.79% daily)
Key Levels to Watch:
Bullish breakout: $2,800+
Bearish trigger: Below $2,510
Correction confirmation: Below $2,319
Buying Strategy:
Long-term investors may consider buying in the $2,400–$2,500 range. Short-term traders should wait for a confirmed move above $2,800 or below $2,510.
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