8 hour ago
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BEARISH 📉 : Ethereum struggles to maintain $1,900 support amid market concerns
Ethereum's Current Market Situation:
- Ethereum is attempting to reclaim a significant horizontal area amidst a market retest of crucial levels.
- The cryptocurrency dropped 1.4%, hitting a 10-month low of $1,747 but rebounded over 15% to trade between $2,000 and $2,150 in recent days.
- Failed to maintain the $2,000 level, testing $1,900 for the first time in a week.
- Analysts suggest if Ethereum doesn't reclaim the $2,000 mark, it might retrace to recent lows.
- A break below $1,900 with strong weekly closes could weaken its structure, possibly dropping prices to $1,600 or $1,300.
Long-term Outlook:
- Trader AlejandroXBT proposes that Ethereum is in a prolonged macro correction phase following a major bullish move from 2019-2020.
- The macro structure consists of four phases: pump, correction, shakeout, and moon.
- The rally post-2022 bear market is considered a counter-trend move within a corrective range, not a new bull market.
- Current range-bound behavior indicates distribution and consolidation, potentially leading to a final shakeout phase before a new bullish cycle.
- A potential liquidity-driven dip is anticipated in the coming months, followed by a long-term bullish continuation next year.
