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Ethereum (ETH) rose about 5% over the past 24 hours and has already retested a key resistance level at $2,150 during today’s session, as market participants appear willing to test bearish commitment.
Trading volumes increased by 17% in the same period, reaching $21 billion. That activity corresponds to 8.3% of the token’s circulating market cap.
More than $60 million in ETH short positions have been liquidated following the uptick, raising the likelihood of a squeeze if price breaks above the current supply zone.
Despite the near-term strength in ETH, macroeconomic conditions have worsened over the past few days. Oil prices have again moved to the $100 level.
In addition, the Iran war is adding pressure to the global economy and increasing concerns about higher U.S. inflation through energy costs. According to FedWatch data, analysts no longer expect the Federal Reserve to cut interest rates this year, a shift in sentiment that is generally unfavorable for risk assets such as cryptocurrencies.
On the daily chart, ETH is retesting the $2,150 area, described as a key resistance that the top altcoin broke in mid-March but failed to hold as selling pressure increased.
The retest could become decisive if lower time frames produce a clear sell signal. The Relative Strength Index (RSI) is at 53, indicating bullish momentum is accelerating. However, the move is still framed as a bearish retest unless ETH breaks above the latest high at $2,400.
If ETH does move above $2,400, the next target cited is $2,800, which would be characterized as a full reversion to the mean. If the price fails to clear that level, the outlook remains skewed toward downside.
On the 4-hour chart, ETH generated a buy signal on Sunday after decisively climbing above the $2,000 level. The signals system described in the article focuses on decisive candles with above-average volumes and a specific candle pattern, aiming to identify high-conviction moves at key levels.
With this buy emerging around $2,000—a noted psychological threshold—the article highlights the next test as the American session unfolds. If the market sells off ETH at this level, investors are advised to brace for a potential drop to $1,800.
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