EtherETHIf the bulls do not close the daily candle above the range of $2,150 to 2,400, the price could fall to new lows for the year.
Ether continues to move in line with US and world macroeconomics, as well investors’ desire for risk assets throughout the US/Israel-Iran conflict. Ether’s price could fall below $1,800 as data indicates that more than $1billion in selling pressure is being driven by futures.
Ether’s primary challenge stands at $2400
Ether’s rally is capped by repeated rejections at $2,150. This level has been a major resistance for Ether seven times in the last two months. Price action is determined by trend, resistance and the higher-highs-and-higher-lows pattern on the daily chart.
If the trendline breaks below $1,900 where the liquidity is located near the same lows that were formed in the first week of march, traders may begin to focus on this level. If that barrier is lost, it will create a structural break in ether’s favor, which could expose external liquidity at Ether’s low for the year, $1,736.
The short position has not significantly increased despite recent price declines. The liquidation heatmap shows an imbalance within a 10% range ($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 short liquidations near the upper bound ($2,255).
The skew shows that the downside liquidity is greater, yet the short positions are not overcrowded even though the price is continuing to fall.
A lack of large buildups on shorts indicates a more passive position than a conviction driven selling. Price continues to fall under the resistance of buyers, who are unable to take control over $2,150, which is the critical threshold.
Related: Ethereum bulls must hold $2K: Volatility metric hints at ‘strong’ move next
ETH derivatives spike after continued macro volatility
The US president Donald Trump’s comments, which escalated the tensions between Iran and US markets rather than calming them, triggered a surge in ETH Futures sales. Trump said that military actions will continue through late April. He also warned about possible attacks on Iran’s energy plants.
Darkfost, a crypto analyst, has been closely following the developments. noted Binance has seen the volume of Ether futures sold increase by $1 billion in just an hour.
ETH trades just below $2.150, despite the massive selling. The move to the upside would be a sustained rise above $2.150. This will lead us towards $2.400.
After the $2.400 price, there is a small trading zone near the $2.800 level, which has seen little trade activity over the last 6 months.
To date, ETH has remained range-bound. It is capped at $2150 by repeated resistance, while $1900 represents the nearest pivot for liquidity, and could extend the decline.
Related: Ethereum’s EEZ and the attempt to rebuild one Ethereum
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Source: cointelegraph.com
