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ETH Ethereum Price Analysis: Is ETH preparing to hit $2000 next week?
Ethereum is trying to stabilize around US$1900 after its recent rebound, but the overall technical aspect is still limited by strong resistance from above. Although the short-term structure has improved, ETH still needs a decisive breakthrough to confirm that buyers are regaining control.
Ethereum Price Analysis: Daily Chart
On the daily chart, ETH is currently trading around US$1920 and has broken through the downward white trend line. This is a positive development compared to the previous structure, as the trend line has served as dynamic resistance throughout the decline.
However, this breakthrough has not yet translated into strong upward momentum. The asset is currently facing suppression from its 100-day moving average (about $1940), with a larger resistance area of $2050 to $2150 just above it. The 200-day moving average is also moving downward into this region, creating a significant concentration of resistance above.
Therefore, a breakthrough in the trend line is an encouraging first step, but a broad bullish reversal cannot yet be confirmed. If it continues to stand above the $1940 moving average, it will strengthen its reasons to move into the $2050 to $2150 region. Prior to this, if it is blocked from current prices, ETH may return to the support area of $1810 to $1850.
If this support level falls, the larger demand area of US$1560 to US$1620 will become the next major downside target.
ETH/USDT 4-hour chart
The short-term trend shown on the 4-hour chart is slightly stronger. ETH has rebounded from the $1800-$1840 support area and is now consolidating around $1920 after forming a series of higher lows since early August lows.
Still, buyers are facing a critical test. The $1950-$1980 resistance range marks the direct supply area that triggered a sharp decline in late July. Prices are currently consolidating just below the region, indicating that the market is preparing for another upside.
Breaking through the US$1950 to US$1980 region could open the door for ETH to the US$2000 and the upper boundary of broader upswing structures. On the contrary, if it is blocked again, ETH will face the risk of falling back to the support area of US$1800 to US$1840.
As a result, the short-term bias has improved, but it still needs to wait for buyers to successfully clear the direct resistance above to obtain confirmation.
Market Sentiment Analysis
Ethereum's funding rate chart provides an interesting backdrop for the recent recovery. Funding rates measure the regular fees paid between perpetual contract traders, and positive values often indicate that leveraged positions are biased towards long positions.
The 14-cycle funding rate EMA remains positive at around 0.006, but has dropped significantly from a peak near 0.01 in June. At the same time, ETH has begun to recover from its recent lows towards $1900.
This divergence suggests that prices have recovered without a corresponding increase in leveraged bull enthusiasm. This can be seen as a positive sign, as this rally appears to rely less on increasingly crowded bullish positions, reducing the immediate risk associated with excessively positive funding rates.
Despite this, the funding rate is still above zero, meaning that bulls are still paying fees to bears and bullish positions have not disappeared. If ETH can break through the $1950-$1980 resistance zone with relatively limited funding rates, then this trend will be supported by a healthier derivatives market background. However, if funding rates soar again without a corresponding price breakthrough, it will signal an increase in leverage and increase the risk that bulls will be purged again.
