Ethereum (ETH) Market Analysis: Is the Bull Run Over?
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Current Market Performance
Current Price: Below $3,500
Key Resistance Levels: $4,000 and $3,500
Support Levels: $3,000 and 200-Day Moving Average
Ethereum has failed to set a new high after hitting the resistance level, and market participants are worried that the bull run may have come to an end. The following is a detailed analysis of its recent technical performance and market sentiment.
Technical Analysis
Daily Chart Observation
Trend Review
Ethereum had shown bullish momentum after rebounding from the $2,300 support level, but fell back after hitting the $4,000 resistance level.
The current price has fallen below $3,500, showing that the market is facing bearish pressure.
Key Support and Resistance
The $3,000 support area: coincides with the 200-day moving average. If this level is maintained, the market trend can still remain bullish.
If it falls below the 200-day moving average, it may further fall to the $2,000 area.
4-hour chart observation
Double top pattern
After two failed tests of $4,000, a double top pattern was formed, which is a typical bearish reversal signal.
The neckline ($3,500) has been broken, and the market may pull back or consolidate in the coming weeks.
RSI indicator
The RSI shows that the market is in bearish momentum and may continue to be under pressure in the short term.
Futures market sentiment: Taker buy-sell ratio
Indicator significance
The Taker buy-sell ratio measures the relative activity of longs and shorts in market orders. Values below 1 indicate that sellers are more active.
Current situation
The 100-day moving average has been below 1 for more than a year and is now falling further, indicating that selling pressure in the futures market is increasing.
Insufficient participation in the spot market, and selling pressure mainly comes from futures traders, which may limit the rebound space in the short term.
If the price falls below the $3,000 support level and below the 200-day moving average, the market may see further adjustments with a target area of $2,000.
If the $3,000 support and the 200-day moving average hold, and with increased spot market demand, the price may rebound to $3,500 or even try to challenge $4,000.
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