Bloomberg: Ethereum Price Forecast: ETH could prevail if it retests key resistance Ethereum is down 1% following $49.32 million in futures liquidations in the past 24 hours. Liquidated long and short positions accounted for $28.32 million and $21 million, respectively.

ETH has been trading within a key rectangle channel for the past two weeks, with resistance near $3,400 and support close to the $3,000 psychological level. The top altcoin saw a rejection at the rectangle’s resistance for the second time on Thursday and is testing the Exponential Moving Average (EMA) blue line.

ETH/USDT 4-hour chart

ETH/USDT 4-hour chart

A decline below the EMA could send ETH to find support near the $3,000 psychological level. If ETH bounces off this level, it could see increased buying momentum to charge above $3,400. Such a move could see ETH rally nearly 10% toward the resistance level at $3,732.

However, if the $3,000 support fails, ETH could decline toward the $2,817 key level, which was a critical support level for nearly four months — April to July.

The Relative Strength Index (RSI) is above its neutral level and trending downward, indicating weakening bullish momentum.

A daily candlestick close below $2,817 will invalidate the thesis.