Ether (ETH) analysts have mapped out key ETH price levels to watch over the next few weeks, with a focus on the $2,000 psychological level.
Key takeaways:
- Dropping below the 200-day simple moving average at $2,220 could confirm more downside for Ether.
- ETH faces stiff resistance at $2,400, a level that must be reclaimed by the bulls.
Ether price stuck between two key levels
Data from TradingView showed the ETH/USD pair trading below $2,300, down 5% over the last two days and erasing all gains made over the weekend.
This meant that the price remained wedged between the 100-day exponential moving average at $2,350 and the 100-day simple 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 a decisive move.
Telegram trading resource Technical Crypto Analyst said that after losing the support trendline at $2,300, “we can probably expect Ethereum to drop, and it might even hit the lower support level in the next few days,” adding:
“A solid breakdown with good volume would confirm this.”
ETH/USD daily chart. Source: Cointelegraph/TradingView
The analyst was referring to two immediate support zones: the $2,200 area, where the 50-day and 100-day SMAs converge, and the psychological level at $2,000.
“ETH has dropped below the $2,300 level,” said fellow analyst Ted Pillows in a Tuesday post on X, adding:
“The next crucial support zone is $2,200 which could be a level for a short-term bounceback.”
A key buy zone to watch below that is the $1,800-$1,750 area, which aligns with the multi-year low reached on Feb. 6.
In a recent post on X, trader Daan Crypto Trades said that the key levels to watch were $2,100 as support and the resistance at $2,800, which ETH price has “respected” well over the past few years.
ETH/USD daily chart. Source: X/Daan Crypto Trades
As Cointelegraph reported, a daily close below the moving averages around $2,200 would bring the next line of defense at $2,000 into focus.
Ethereum price must reclaim $2,400 to continue recovery
As Cointelegraph also reported, Ether’s bullish case hinges on flipping the resistance at $2,400 into support, where the realized price currently is.
“This is a very important psychological factor,” CryptoQuant analyst CW8900 said in a recent X post, adding:
“Breaking through that line signifies that whales are transitioning to a profitable position.”
ETH realized price. Source: CryptoQuant
With whales back in a profitable position, it would “provide grounds for their buying power to become stronger,” the analyst added.
Related: Ethereum’s EEZ could pull other blockchains into its orbit
Meanwhile, Ether’s liquidation map reveals that a break above $2,400 would trigger over $1.94 billion in short liquidations across all exchanges.
ETH exchange liquidation map. Source: CoinGlass
This means a significant amount of bearish bets risk liquidation on a move higher, opening the way to a sharper upward cascade if the recovery resumes.