Key facts
- Ethereum is trading near $1,772.
- A long-side liquidation cluster extends down to $1,500.
- Daily RSI is near 18.44, indicating oversold conditions.
- The $1,750 to $1,800 range is identified as the first support area.
- A close below $1,800 could expose $1,650 and then $1,500.
- Upside resistance levels are noted at $1,900 and $2,000.
Ethereum is currently trading around $1,772, with analysts observing a significant long-side liquidation cluster that extends down to the $1,500 level. This cluster indicates potential for increased volatility as leveraged traders face margin calls. The daily chart shows weak momentum, with the Relative Strength Index (RSI) at approximately 18.44, placing Ethereum in deeply oversold territory. This oversold condition, while not confirming a trend change, could support a relief bounce. The immediate support area is identified between $1,750 and $1,800. A sustained move below this range could lead to further declines, potentially exposing levels at $1,650 and then $1,500. On the upside, resistance is noted at $1,900 and $2,000. Analysts suggest that once downside liquidity levels thin out, upside liquidity could become more attractive, potentially leading to sharp price movements as the market shifts between these liquidity areas. The broader trend remains weak after a significant fall from highs above $4,500, with Ethereum making lower highs and lower lows on the daily timeframe.