Ether (ETH) analysts have outlined the key ETH price levels to watch over the next few weeks, with particular emphasis on the psychological $2,000 level.
Key takeaways:
- A drop below the 200-day straightforward moving average at $2,220 could confirm further declines for Ether.
- ETH faces mighty resistance at $2,400, a level that bulls need to regain.
The ether price is stuck between two key levels
Data from TradingView showed that the ETH/USD pair traded below $2,300, down 5% over the past two days and erasing all gains made over the weekend.
This meant that the price was held between the 100-day exponential moving average at $2,350 and the 100-day straightforward moving average (SMA) at $2,220, as shown in the chart below.
This suggested that Ether could consolidate within these trend lines for a few more days before making a decisive move.
Telegram Trading Resource Technical Crypto Analyst he said that after losing the $2,300 support trendline, “we can likely expect Ethereum to decline and may even reach a lower support level in the next few days,” adding:
“A solid split with good volume would confirm this.”
ETH/USD daily chart. Source: Cointelegraph/TradingView
The analyst had two immediate support zones in mind: the $2,200 area, where the 50-day and 100-day SMAs converge, and the psychological level at $2,000.
“ETH fell below $2,300” he said fellow analyst Ted Pillows in a Tuesday post on X, adding:
“The next key support zone is $2,200, which could be a near-term rebound level.”
The key buying zone to watch below is the $1,800-$1,750 area, which aligns with the multi-year low reached on February 6.
In the last post on X trader Daan Crypto Trades he said that the key levels to watch are the support at $2,100 and the resistance at $2,800, which the ETH price has “respected” well over the last few years.
ETH/USD daily chart. Source: X/Daan Crypto Trades
As Cointelegraph reporteddaily closing below moving averages around $2,200 would focus attention on the next line of defense at $2,000.
To continue rising, Ethereum price needs to regain $2,400
Just like Cointelegraph reportedEther’s bullish scenario is based on the resistance at $2,400 turning into support, where the realized price is currently located.
“This is a very important psychological factor” – CryptoQuant CW8900 analyst he said in X’s last post, adding:
“A break of this line means the whales are moving into a profitable position.”
ETH realized price. Source: CryptoQuant
Returning whales to a profitable position “would provide a basis for strengthening their purchasing power,” the analyst added.
Related: Ethereum’s WSE may drag other blockchains into its orbit
Meanwhile, the Ether liquidation map discovers that a break above $2,400 would result in over $1.94 billion in low liquidations across all exchanges.
ETH exchange liquidation map. Source: CoinGlass
That means a significant number of bearish bets risk being liquidated if the rally continues, opening the way for a sharper cascade of gains if the recovery resumes.
