Ethereum News: Price Consolidates Below Key Resistance, Risk of Further Decline

Ethereum Price Struggles; Risk of Downside Break

Ethereum price struggled to surpass the $2,050 resistance level and is now consolidating below $2,020 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at $2,040 on the hourly chart. ETH must clear the $2,040 and $2,100 levels to initiate a decent increase. The price dipped again after failing to sustain above $2,100, testing the $1,980 zone with a low at $1,982. Recently, there was an upward move above the $2,020 level.

Ethereum Price Forecast: Whales Increase Buying Pressure Ahead of Pectra Mainnet Upgrade

Ethereum developers have tentatively scheduled the Pectra mainnet upgrade for April 30. In anticipation of this upgrade, whales have increased their buying pressure on Ethereum, hoping for a price uptick. However, technical indicators suggest that ETH could face strong bearish pressure if a breakdown signal is confirmed. The Pectra upgrade successfully went live on the new Hoodi testnet, further fueling buying sentiment among whales.

Crypto Price Analysis March-28: ETH and XRP

This week’s crypto price analysis focuses on Ethereum (ETH) and Ripple (XRP). Ethereum had a brief relief rally but failed to hold above $2,000, indicating bears are still in control. The price may re-test the key support at $1,800. Buyers need to defend this level to avoid lower prices. Similarly, XRP is also in a downtrend, with its recent relief rally topping at an unspecified level. At the time of this post, both coins remain in a bearish trend.

Ethereum (ETH) Drops Under $2,000; Whales Accumulate

Ethereum (ETH) dropped below $2,000 again, losing over 5% overnight. The token traded at $1,917.21, close to its three-month lower range. Despite the market downturn, there are signs that whales are accumulating ETH at levels under $2,000. ETH sentiment remains neutral, and open interest has fallen to $9.9B. Derivative traders have built up liquidity at the $2,040 and $2,100 levels, anticipating a potential dip to the $1,800 range before a short squeeze.