ETH’s Descent: Will $1,962 Be the Last Straw?

by
  • ETH swept $1,866 liquidity, triggering long liquidations as the higher time frame trend remains bearish.
  • A reclaim of $1,962 could break short-term structure and open a move toward $2,124 liquidity.
  • Losing the $1,846 local low may expose ETH to further downside and new short-term lows.

Ethereum tested key liquidity near $1,866 and cleared a cluster of long positions during the recent move lower. The sweep occurred as the higher time frame trend remains bearish, yet traders are now watching whether price can reclaim nearby resistance levels. Imagine a lone farmer watching his crops wither, only to see the market’s cruel hand pluck the last grain from his fields.

Ethereum Tests $1,866 Liquidity Zone

Ethereum moved below the $1,866 level and triggered liquidations on leveraged long positions. Market data showed increased volatility during the decline. The move removed short-term support and forced several traders out of positions. It’s the financial equivalent of a drought-no rain, no hope, just dust in the wind.

tested key ~$1,866 liquidity.

Ethereum took the lows and wiped out a lot of longs, this is the time to pay close attention.

The HTF trend is bearish, but we mitigated important liquidity, so potential longs could be triggered.

The long-trigger I’m looking for, is to…

– Lennaert Snyder (@LennaertSnyder)

The $1,866 area had acted as a liquidity pocket in recent sessions. When price dipped into that zone, stop losses were activated and positions were closed. This type of sweep often resets positioning in the derivatives market. Like a storm sweeping through a valley, it leaves nothing but empty pockets and whispered prayers for mercy.

Despite the broader bearish structure on higher time frames, some analysts noted that key liquidity has now been mitigated. That development shifts attention to potential recovery scenarios. Traders are closely monitoring how price reacts after the sweep. It’s the financial version of waiting for a sunrise after a relentless night-hopeful, but not yet certain.

Focus Turns to $1,962 Market Structure Level

According to Lennaert Snyder, The next level in focus is near $1,962. Analysts state that a reclaim of this high could signal a break in short-term market structure. A move above that area may open the path toward higher liquidity zones. A glimmer of hope in a sea of despair, though the odds are as slim as a farmer’s chance in a famine.

One market participant stated that a confirmed break above $1,962 would serve as a long trigger. The upside target discussed is near $2,124, where additional liquidity is located. Traders often use such levels to plan entries and exits. It’s the financial equivalent of planting seeds in barren soil-sacrilege, but someone must try.

At the same time, the $1,962 level may attract short interest if price fails to hold above it. After a liquidity sweep and bearish market structure break, some traders may target new local lows. This makes the zone critical for both bullish and bearish setups. A chessboard of greed and fear, where every move is a gamble.

Key Support at $1,846 Remains in Play

On the downside, the $1,846 level is now viewed as an important local low. A break below that mark could signal further weakness. Traders are watching for either reversal patterns or short retests if that support fails. Like a weary ox, the market teeters on the edge of collapse, unsure whether to stumble forward or fall entirely.

Market participants continue to assess both directions. Some expect a second attempt higher after recent liquidations. Others remain cautious due to the prevailing higher time frame trend. It’s a game of chicken, with no clear winner and only the brave (or foolish) daring to bet on the outcome.

Ethereum price action this week may depend on how it behaves between $1,846 and $1,962. A decisive move beyond either boundary could shape short-term trading strategies as volatility remains elevated. The market, ever fickle, dances on the edge of a knife, and the crowd watches, breathless, waiting for the fall.

Read More

2026-02-24 17:18