TLDR
- Ethereum's valuation now lingers around the $1,800 mark after a series of depreciations.
- After reaching a peak of $2,033, ETH descended to a low of $1,754, effectively breaching the $1,880 support level.
- There is a possible double-bottom structure taking shape with a significant support point at $1,762.
- Large Ethereum holders, possessing a total of 125,603 ETH (valued at $229 million), confront the prospect of liquidations at price points of $1,787 and $1,701.
- Short-term technical indicators display a prevailing downward momentum.
Over the last week, Ethereum has trended downwards, with its price struggling to hold key supports. Failing to surpass the $2,100 barrier, ETH has endured persistent bearish movements.
As the second-largest crypto asset, ETH is currently priced around $1,800, marking a 12% loss over the previous six days.
Price trends indicate ETH's inability to keep ascending past the $2,000 resistance, spurring various drops that slipped it beneath pivotal support barriers.
Initially, ETH fell under the $1,920 support, continuing its downward path past the $1,880 level which had served as a support anchor.
This decline has led Ethereum to probe the $1,765 range, reaching a low of $1,767 before trying to rebound past $1,800.
Despite a slight rebound, ETH is positioned below the 23.6% Fibonacci retracement level, calculated from the recent drop from $2,033 to $1,767.
Technical Analysis
Technical insights show ETH trading under the 100-hourly Simple Moving Average, a sign often interpreted as bearish by market participants.
A linking downtrend line has been established, presenting additional resistance at $1,820 on the hourly graph, compounding challenges for bullish efforts.
On the ascent, the price encounters several resistance checks, initially at $1,820, then more firmly at $1,880.
Resistance at $1,880 overlaps with the 50% Fibonacci retracement threshold. Surpassing this could pave the way to the $1,920 region.
If buying pressure propels the price above $1,920, ETH could aim for the psychologically significant $2,000 mark. Overcoming $2,000 may set off further gains, possibly reaching targets like $2,050 or even $2,120.
However, if Ethereum cannot breach the $1,880 wall, another downward swing might ensue, with the first support lurking near $1,780.
Below that, $1,765 remains a critical support area, recently tested. Falling through this could drive the price towards $1,720, or even as far as $1,680.
For now, technical indicators are not signaling optimism. The ETH/USD MACD is losing steam, entrenched in bearish territory.
The 125,603 $ETH ($229M) held by these two whales on #Maker is at risk of liquidation!
The liquidation price is $1,787.75 and $1,701.54. https://t.co/OsRc23ptV8 https://t.co/nbAL9cAnkv pic.twitter.com/xUn6iOW19B
— Lookonchain (@lookonchain) March 31, 2025
Similarly, the ETH/USD RSI continues to reside below the midpoint at 50, suggesting bears still have the upper hand in the near term.
Some experts are identifying a potential double-bottom figure, hinting at a possible reversal should ETH experience a vigorous rebound from its current stance.
Daily candlestick patterns exhibit six continuous red candles, yet price activity around the $1,762 support hints that bullish interest might be awakening.
A potential Doji candle appears, symbolizing market indecision, which could herald the start of a double-bottom turnaround formation.
For this reversal to complete, Ethereum To confirm, ETH needs to climb past the local resistance trendline, with the double-bottom's neckline approaching the $2,100 resistance edge.
Heightening market tensions, crypto whales are now grappling with liquidation challenges. Two major entities on Maker DAO hold 125,603 ETH, roughly valued at $229 million.
These positions are at risk of forced sales if ETH hits $1,787 or $1,701. If triggered, such sell-offs might expedite ETH's negative trajectory.
Yet, amidst the bearish narrative, there are optimists who believe new technical evaluations offer hope for an upward correction. to ETH Highlighting the descending triangle's lower boundary.
A lift from current standings might tackle resistances at $1,950 and $2,080. For the hopeful, targets stretch to $2,230 and $2,320, assuming momentum shifts positively.
In the short term, price behavior shows a rebound from the day's low, indicating a possible upward move, though the overall market remains unpredictably volatile.
