Ethereum (ETH) has entered a crucial phase in its market cycle. Traders are closely watching its tightening structure. Activity is rising across the market, and sentiment is shifting. Analysts say ETH is facing pressure at key levels, and its next move may define the short-term trend.
As of writing, on Monday, March 9, ETH is trading at $1,996.70, up 2.27% in a day. The trading volume is showing a strong bullish surge, up 91.84%, and is currently standing at $20.64 billion. Over the last week, the coin price has increased by 3.54%, according to CoinMarketCap.
Source: CoinMarketCap
Analyst Marcus Corvinus highlighted that ETH is being firmly rejected at the $2,150 resistance. The token is currently moving down towards the $1,900 to $1,930 area. The analyst said that this area is a region of strong liquidity, currently dictating the direction of the market.
He said that cryptocurrency is testing a short-term descending trendline. The buyers must be strong at this point. If not, it could impact the structure of the token.
He said that if buyers hold this area of $1,900 to $1,930, it could lead to a move upwards. The asset could then move up towards the $2,150 resistance. If it is reclaimed well, it could lead to another move upwards.
Corvinus also warned that if the price falls by $1,900, the current level of support will be affected. He said that the price will then be able to move towards the next zone, which is around $1,736.
Source: X
Also Read: Ethereum Network Activity Surges to 10-Year High As Price Struggles at $2K
Moreover, another analyst, Crypto Patel, mentioned another structure in the daily chart. He identified the formation of another bear flag in the chart. He said that the last flag resulted in the price moving from $3,050 to $1,750, where traders made over 40% profit from the trade.
According to Patel, the price had rallied from $1,750 to $2,200 for ETH. This is a 25% move. The price is now moving back to the $1,850-$1,750 area. This is an important area for the current setup.
According to Patel, there are two possibilities for the market. In the bullish case, the token might hold the $1,750 line and bounce back. Patel suggested that in the case of major dips, there might be opportunities if the market shows strength.
Source: X
In the bearish scenario, Patel warned that if the price falls below $1,750 with volume, then the price could fall further to $1,470-$1,370. He said this area may become a preferred zone for accumulation in future cycles. The next move depends on whether buyers defend support.
Analysts agree that the token sits in a decision zone. Traders are paying close attention to support, resistance, and volume. The next move will decide if the trend continues or if a deeper retracement occurs.
Also Read: Chainlink (LINK) Inflows Hit $90M as Focus Shifts to $9.20
