$ETH Ethereum Price Exactly at Crash Area‼️‼️‼️
The nearest major battle level is at US$2,110, which aligns with the lower boundary of the EMA cluster. If there is an 8-hour closure below this area, the moving average support will break, and selling could potentially intensify towards US$2,050.
⛔The US$2,050 level is very important as it corresponds to the Fibonacci level 0.382 and the neckline of the head-and-shoulders pattern. If this zone also breaks at the 8-hour closure, the movement pattern will start to activate. The highest point of this pattern approaches US$2,380, and the projection of this pattern is a decline of about 17% from the neckline, thus targeting a drop to around US$1,700.
Along the way down, US$1,970 and US$1,830 will become temporary stopping areas. In the worst-case scenario, the drop could reach around US$1,600.
👉Ethereum Price Analysis
If the ETH price drops below US$2,050, this could also trigger a wave of liquidation of long positions in succession. With a long leverage accumulation of US$4.83 billion stacked below the current price, if the neckline is broken, long leverage holders will have to close their positions, creating additional selling pressure that accelerates the movement towards the target of the Head and Shoulders (H&S) pattern. This position, which initially reflects bullish confidence, could instead fuel a bearish scenario if this pattern is confirmed.