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ETH Ethereum Price Analysis: ETH sticks to key areas, and the US$2000 target is still possible
Although Ethereum rebounded strongly from its June low, it is still trapped in the main resistance range under a higher time frame. Recently, prices have fallen back after encountering resistance near local highs, re-entering an important support area. Prices are currently approaching a technical decision point that will determine whether bulls can extend the rebound to higher resistance or whether the market will usher in a new round of correction.
Daily Chart Analysis
From a daily perspective, Ethereum is still trading below the downward 100-day and 200-day moving averages, indicating that despite the recent rebound, the overall market structure is still short. The asset has not been able to continue to break through the short-term resistance level around US$1900 in the near future and has now fallen back to the demand area of US$1750 to US$1850. This area continues to provide support during this rebound and is also the current first line of defense for bulls.
As long as Ethereum holds the area, it is still possible to hit the key decision-making range of $2000 to $2150 again. This range coincides with both the long-term downtrend line and the downward 100-day moving average, becoming the most important resistance cluster on the daily chart. Successfully breaking through this intersection area will mark an important structural improvement, and if it is blocked again, the market's focus is likely to shift to the long-term demand area of US$1450 to US$1550.
4-hour plot analysis
The 4-hour chart shows that Ethereum showed a correction after failing to break past recent highs near $1950. The correction has pulled prices back into the short-term demand area of about $1760 to $1840, which has repeatedly attracted buyers to intervene in the past week. Currently, the region is the direct support needed to maintain the higher series of lows that have formed since early July. If you hold on to this area, prices may again attempt to hit the upper boundary of the current rebound structure and eventually challenge daily resistance near $2000.
However, if this demand area is lost, prices are likely to expose lower support around $1700 before buyers attempt another rally.
Market sentiment analysis
Judging from the liquidation heat map, a large number of short clearing orders are currently gathered above the market, and the most liquid cluster is located in the approximately US$1950 to US$2000 region. It is worth noting that this liquidity pool is highly consistent with key technical resistance levels on the daily and 4-hour charts. The cluster is located just below the high time-frame supply area of $2000 to $2150 and close to the downtrend line, creating a strong correlation between derivatives holdings and technical resistance.
This consistency increases the possibility that Ethereum will first pull upwards to clear out leveraged short positions in the US$1950 - 2000 region, and then face a new round of selling pressure from the supply area above. If prices decisively break through this liquidity cluster and daily resistance, the above scenario will fail and will instead strengthen broader expectations of bullish reversals.
