- Ethereum faces a critical Wyckoff Check at $2,375, deciding the next major move.
- Bears dominate as liquidations surge, weakening bullish momentum and increasing downside risks.
- Holding support could trigger a breakout, while failure may lead to further declines.
Ethereum—ETH , is at a critical point. A steep 19% drop in three days rattled the market, shaking weak hands. A small 5% rebound on Thursday provided temporary relief, but bearish pressure remains strong. The Wyckoff Check, a key retest after a breakout, now holds the spotlight. Holding above $2,375 could fuel a rally, but failure may bring more losses. Buyers and sellers now fight for control in a high-stakes battle.
Ethereum Struggles to Reclaim Lost Ground
Bears still dictate price action , keeping Ethereum under pressure. A failure to climb above $2,450 could extend the downturn. Liquidations surged, wiping out over $100 million from long traders. This signals fear in the market, giving sellers the upper hand. A break below $2,375 may invite deeper declines, forcing bulls to retreat.
Technical indicators paint a grim picture. The Relative Strength Index (RSI) remains in negative territory on both daily and 4-hour charts. Weak momentum suggests buyers lack confidence. A failure to attract demand could lead to another wave of selling. Traders now watch key levels, hoping for a shift in sentiment.
Wyckoff Check in Play: Breakout or Breakdown?
Ethereum follows a textbook Wyckoff Accumulation pattern . The current retest serves as a turning point. A strong defense at $2,375 may confirm a spring, launching a rally. Hesitation could invite further downside, allowing bears to tighten their grip.
Recent exchange inflows reveal cautious optimism. Bybit reserves jumped to 372K ETH after large transfers from Binance. This suggests some investors see potential for a rebound. If buying pressure strengthens, Ethereum could stage a comeback.
The next few days will determine the outcome. A successful Wyckoff Check may trigger a breakout, pushing Ethereum higher. A failure to hold support could send prices tumbling further. Bulls must step up, or sellers will continue to dominate the trend.
