The ether (ETH) price may be at risk of correcting to novel year-to-date lows, especially if bulls fail to secure a daily candle close above the $2,150 to $2,400 range.
Ether price movements continue to be influenced by macroeconomic events in the US and globally, as well as investor appetite for risky assets amid the US and Israel’s war with Iran. As data shows futures-based selling pressure exceeds $1 billion, the chance of Ether falling below $1,800 increases.
The main challenge for Ether is $2,400
Repeated rejections near $2,150 continue to cap Ether’s gains, with the level acting as sturdy resistance seven times in the last two months. The trend and its resistance dominate the price action, despite the higher high, higher low candle pattern that can be seen on the daily chart.
A break below the rising trend line could shift investor attention towards $1,900, where liquidity is trending near the flat lows seen in the first week of March. A loss of this level triggers a bearish breakout of the structure, exposing external liquidity pockets to Ether’s yearly low of $1,736.
Despite the recent decline, the low position has not increased significantly. The liquidation heat map shows an imbalance of 10% ($1,845-$2,255) from the current price, with approximately $2.4 billion in long liquidations clustered near the lower bound ($1,845) and $1.7 billion in low liquidations clustered near the upper bound ($2,255).
This deviation indicates that there is more downside liquidity, but the low positioning is still not overcrowded even as the price continues to weaken.
The lack of vast low rallies indicates a passive positioning approach rather than belief-based selling. The price continues to fall under resistance, with buyers unable to regain control above the key $2,150 threshold.
Related: Ethereum bulls need to hold 2k dollars: Volatility indicators point to a “strong” move next
ETH derivatives surge following continued macro volatility
The pointed enhance in sales of ETH futures occurred after US President Donald Trump’s comments, which instead of calming the markets, resulted in an escalation of tensions with Iran. Trump signaled that military operations would continue until the end of April and warned of potential attacks on Iranian power plants.
Following the development, cryptocurrency analyst Darkfost excellent that Ether futures sales volume on Binance increased by $1 billion in an hour.
Despite the surge in selling, ETH is still trading just below the $2,150 resistance level. A sustained move above $2,150 would pave the way towards $2,400, where resistance is relatively slim.
If the price breaks above $2,400, the next expansion zone will be near $2,800, where there has been no trading activity over the past six months.
For now, ETH remains in a restricted range, capped by repeated resistance near $2,150, with $1,900 being the closest liquidity pivot point, which could extend the bear collapse.
Related: Ethereum WSE and the attempt to rebuild one Ethereum
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