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Home»ALTCOIN NEWS»$2900 or $3500: Which Direction Will Ethereum Move?
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$2900 or $3500: Which Direction Will Ethereum Move?

By Crypto FlexsFebruary 26, 20242 Mins Read
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00 or 00: Which Direction Will Ethereum Move?
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Posted on: February 26, 2024


  • Ethereum bulls find strong support just below $2900.
  • If the bullish sentiment continues to strengthen, an advance towards $3,500 could begin.

Ethereum (ETH) surpassed the psychological resistance of $3,000 on February 25th. Although it closed the daily trading session on the 20th at $3,014, ETH fell to the $2,900 level over the next few days.

NFT sales on the Ethereum network recently hit a 10-month high. AMBCrypto reported that sales reached $400 million.

On-chain analysis highlighted the asset accumulation with $2.4 billion worth of ETH flowing out of exchanges in 2024.

The range breakthrough has not yet been delayed.

ETH 3-day chartETH 3-day chart

Source: ETH/USDT on TradingView

Highlighted in purple is the range that ETH showed in the second half of January. Expanded from $2100 to 2600. On the lower period chart, two demand zones are identified at $2500 and $2650.

Prices have not yet been retested in either region.

The market structure and momentum on the 3-day chart were solidly bullish. Rising OBV indicates large purchases. Together, they showed that the price of Ethereum is expected to continue rising.

A move beyond the psychological resistance level of $3000 would be important. This could heighten the bullish enthusiasm already present in the market.

The next highest period-resistance level was $3,580, and ETH could break into this area before a significant retracement occurs.

The clearing heatmap shows three main areas of concern:

ETH Liquidation Heat MapETH Liquidation Heat Map

Source: Hiblock

According to the three-month look-back period liquidation heatmap, it is estimated that there are several levels in the $3050-$3110 region with liquidations in the $2-4 billion range.

The $3050 level has already been tested, but further liquidity remains until $3100.

Further north, the $3,190-$3,225 region is estimated to have various clearing levels ranging from $1.4 billion to $2.3 billion. Likewise, the liquidation level of $3460-$3520 was in the $2 billion area.


Is your portfolio green? Check out our ETH Profit Calculator


Therefore, this area will be a key resistance area where price can be lured before a downtrend reversal.

In terms of support, the $2800-$2880 area also provided significant liquidity. Prices are likely to rebound once this area is tested again.

Disclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.

Next: Shiba Inu Whale Hits $6 Million: Does It Affect You?

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