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Summarize with AI
Summarize with AI
Ethereum has extended its corrective phase and is now trading at a technically decisive area, where higher-timeframe demand and market structure intersect. The price behaviour around this zone is critical in determining whether ETH stabilizes in a broader range or resumes its downside momentum.
Ethereum Price Analysis: The Daily Chart
On the daily timeframe, Ethereum has reached a crucial support zone around the $2K area, which aligns with a major prior yearly low and a historically significant demand region. This level has previously acted as a strong base for accumulation, and the market’s reaction here suggests growing sensitivity among participants.
The sharp sell-off into this zone reflects aggressive bearish momentum, but the absence of immediate continuation lower indicates that selling pressure may be temporarily exhausting. From a structural perspective, this area represents a decision point where sustained acceptance below it could open the door to deeper downside, while stabilization above it increases the probability of consolidation.
At this stage, the most likely outcome on the daily chart is a consolidation and range-bound phase as the market digests recent losses and awaits fresh demand or a clear macro catalyst.
ETH/USDT 4-Hour Chart
On the 4-hour timeframe, the price action shows a descending fluctuation while holding within the critical $2K support range. The market is compressing after the impulsive sell-off, with lower highs forming against relatively stable lows, a behaviour often seen near short-term exhaustion points.
This structure leaves room for a temporary bullish rebound, driven by short-covering or reactive demand, particularly after the steep downside move. However, this potential rebound should be viewed as corrective rather than trend-reversing.
The dominant scenario remains an expanded range environment, where Ethereum oscillates within a defined structure, bounded by $2K and $3K threhsolds, until meaningful demand enters the market or a new supply zone forms above, reasserting directional bias.
Sentiment Analysis
The Ethereum Coinbase Premium Index is currently deeply negative and has dropped to levels last seen around the previous year’s major market lows, signalling a clear bearish state in market sentiment. This persistent negative premium reflects sustained selling pressure from US-based investors, with Ethereum trading at a discount on Coinbase relative to offshore exchanges.
Historically, such conditions indicate weak spot demand from institutional and high-conviction buyers, reinforcing the broader corrective structure seen on price charts.
However, it is also important to note that in past cycles, Ethereum has consistently shifted into a bullish phase only after this indicator recovered and turned positive, signalling the return of strong spot demand. As long as the premium remains negative, downside risk and range continuation dominate, leaving the market in a bearish state.
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Source: https://cryptopotato.com/ethereum-price-prediction-will-eth-inevitably-drop-below-2k-this-month/
