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

• The ETH value motion throughout timeframes confirmed weak point from patrons.
• Ethereum must reclaim $2.9k as help 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 big.

ETH value 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 notably alarming — the OBV’s traits shift throughout timeframes, and the 1-day and 3-day OBV remained flat since December as a substitute of trending downward.

The value motion construction was firmly bearish, however the RSI was slightly below 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 bolstered the 12-hour chart’s findings. The shopping for strain in latest weeks has been insubstantial. Despite the fact that 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 worth and would possible 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 value transfer to $2.9k adopted by a retracement to $2.5k or $2.6k is anticipated over the approaching days.

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion