Ethereum [ETH] price prediction is bearish in the short-term: Here’s why

• The ETH worth motion throughout timeframes confirmed weak point from consumers.
• Ethereum must reclaim $2.9k as assist to start to shift this outlook.

In an earlier analysis, it was detailed how Ethereum [ETH] confronted an uphill battle on the $2.8k resistance. Promoting strain within the spot ETFs final week was attributed to profit-taking.

The Korea Premium Index had risen, implying elevated demand from the East Asian crypto large.

ETH worth prediction

Supply: ETH/USDT on TradingView

The 12-hour chart confirmed that the promoting strain over the previous month had taken the 12-hour OBV to a multi-month low.

This discovering was not significantly alarming — the OBV’s developments shift throughout timeframes, and the 1-day and 3-day OBV remained flat since December as an alternative of trending downward.

The value motion construction was firmly bearish, however the RSI was just under impartial 50. Furthermore, the $2.8k degree was a major increased timeframe horizontal degree. The bulls lacked the power to reclaim this resistance.

Supply: ETH/USDT on TradingView

The 4-hour chart strengthened the 12-hour chart’s findings. The shopping for strain in latest weeks has been insubstantial. Although the RSI poked its head above 50, the bearish construction remained intact.

One slight encouragement was that ETH had fashioned increased lows over the previous week. This doesn’t imply an excessive amount of and not using a breach of the latest decrease excessive at $2,880.

The dearth of shopping for and momentum however sluggish progress increased set the stage for a liquidity hunt.

Supply: Coinglass

The Ethereum liquidation heatmap of the previous month confirmed that the $2.9k and $2.5k had been the closest magnetic zones of noticeable dimension. The previous was nearer to the value and would probably pull costs to it quickly.

It coincided with the upper timeframe resistance zone at $2,800-$2,850 and the decrease timeframe $2,880 resistance. A worth transfer to $2.9k adopted by a retracement to $2.5k or $2.6k is anticipated over the approaching days.

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion