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An interesting technical outlook frames the current Ethereum price action as a range-bound environment on the higher timeframe, where patience is expected to dictate the next move.
Crypto analyst Minga said Ethereum is trading in a sensitive zone and that a genuine cycle bottom would require one more leg down, with specific levels needing to be cleared before a macro bottom can be defined.
ETHUSD is currently trading at $2,051. (Chart: TradingView)
The rally stalled in the $2,300 range in March, followed by a retracement that printed acceptance below $2,151. Ethereum has since returned to around $2,000, which the analyst described as an important psychological level.
With price sitting in the middle of the range, the outlook is characterized as “no man’s land,” where the next directional move could go either up or down.
Minga identified $2,151 as a major pivot point. Price action recently attempted to reclaim this level but failed, showing clear rejection. That rejection keeps bearish continuation on the table for now.
As long as ETH remains below $2,151, the path of least resistance is described as tilted to the downside. If the level is successfully reclaimed, Minga pointed to a potential move to $2,395, where a fair value gap is referenced.
Minga’s downside expectation is structured in two stages.
First stage: The initial stop is $1,537, where there is a cluster of weekly equal lows (EQLs), creating a liquidity target. Minga expects this level to be taken, but said $1,537 would not be where the macro bottom forms.
Macro bottom targets: For a legitimate cycle bottom, Minga is watching for a sweep of $1,384, the previous structural low. The analyst also highlighted the $1,190 to $1,148 zone as the most likely region for a macro bottom to form.
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