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 Ethereum’s chart shows the tug-of-war between fear and fundamentals. While traders are heavily shorting, analysts believe opportunities are forming.  Ethereum (ETH) briefly fell to $3,700 yesterday, causing traders to panic. The leading altcoin has since recovered, albeit modestly, before stalling at just under $3,900. The broader mood remains cautious, but concerns among this population may once again fuel the recovery. price rebound signal Ethereum’s price has seen significant volatility over the past month, starting near $4,170 in early October and briefly falling below $3,800 by the end of the month. Despite multiple brief rallies, the overall trend remains downward after selling pressure increased mid-month. Following this week’s latest decline, many traders OpenShort position on ETH. According to cryptocurrency analysis firm Santiment, this kind of bearish sentiment usually leads to a rebound, considering previous instances. Cryptocurrency Analyst GalaxyobserveEthereum is coming to the end of a massive 1,400-day consolidation pattern, often referred to as a “triangle.” His data shows that ETH has been compressing between long-term support and resistance levels since 2021. Therefore, November may mark the completion of this retest, and if the crypto asset manages to break out of this formation, it may signal the beginning of a new bull run. Meanwhile, analyst Michaël van de PoppeexplainEthereum is in a good buying zone as it tests its 20-week moving average and key support levels. He believes that this adjustment phase will not last long and may soon lead to a rebound in asset prices. Ethereum’s on-chain data offers a similarly cautiously optimistic view. While the buy/sell pressure delta has turned negative and on-chain activity has slowed, these signals do not necessarily indicate weakness, according to crypto analytics firm Alphractal. Similar patterns in the past have often occurred toward the end of corrective phases. chewing bodyexplainThe current readings are much milder than those seen earlier this year, which could mean the market may be in a quiet accumulation phase rather than a decline phase. Such a setup could set the stage for Ethereum’s next phase of growth once sentiment begins to improve. More pain ahead? Ethereum’s road to recovery may still be bumpy. For example, CryptoQuant’s liquidation data, suggestionThis correction could still deepen as the market remains dominated by leveraged long positions. Recent surges in long liquidations are typically triggered by sharp price drops, suggesting traders are being forced to exit overextended positions. Unlike a short squeeze that typically triggers a quick rally, these longer-term driven liquidations have left prices weak with no signs of a strong recovery in sight. If this trend continues while open interest declines, there is a chance that Ethereum will test sub-$3,400 levels. Thank you for your attention and learn more about encryption! ! ! Recommended reading: BTC crashes after Fed rate cut, traders fall into "buy rumors, sell news" trap The market lowered expectations for an interest rate cut in December, and BTC prices fell further Ethereum LTH hits 3-month high amid October sell-off WLFI’s token will be listed on Binance US, will the price surge? US Secretary of State hints at positive trends in Sino-US trade, BTC price breaks through $113,000 Bitcoin accumulation pattern shows late-cycle maturation, not clear end |
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