Ethereum’s Wild Ride: $1,970 Pullback or Soaring to the Moon?

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Ethereum sweeps range high, eyes $1,970 FVG retest as traders watch $2,110 level and key monthly ascending trendline support.

Ah, Ethereum-always the drama queen of the crypto world. It decided to sweep its recent range high, clearing visible liquidity like it’s auditioning for a heist movie. Of course, that meant pulling back from the extreme highs, leaving traders on the edge of their seats, wondering whether the price will retreat toward $1,970 or keep climbing like an overambitious ladder climber.

Liquidity Sweep Shifts Short-Term Structure

Ethereum, ever the contrarian, jumped above its established range high, triggering stop orders that were just begging to be hit. The liquidity sweep was followed by a predictable plunge lower, as traders did what traders do best-lock in profits and watch volatility explode in their face.

This sudden burst created a massive displacement candle, which, of course, shook up the short-term structure. Traders, being the cautious creatures they are, will now wait for confirmation before making their next move. Who wants to jump into a game when the rules keep changing in real-time, right?

Meanwhile, the 50% wick fill level near $2,110 is the subject of intense scrutiny. Some traders are eyeing it as a potential short zone, should the market start turning sour. Others, however, are still waiting for clearer signals, like someone waiting for their coffee to brew in the morning.

Fair Value Gap at $1,970 in Focus

Ah yes, Ethereum’s aggressive rally has left behind a glorious fair value gap-because who doesn’t love a good gap in the market? The midpoint of that glorious void rests around $1,970, and naturally, technical traders are watching it like hawks circling their prey.

If Ethereum dares to retrace into that gap, traders will watch the order flow and reaction strength like spectators at a tennis match. A confirmed reversal pattern near $1,970 could attract buyers who’ve been waiting for a chance to jump in, as long as the broader market doesn’t collapse into chaos. Because why not add a little drama to the mix?

Swept the complete range high/liquidity.

Very nice bounce after testing the range extremes on Ethereum.

For trades locally, it’s best to wait on clear setups when the direction is more clear since we’ve seen a massive displacement.

But, we grabbed a lot of liquidity, so a…

– Lennaert Snyder (@LennaertSnyder)

And, let’s not forget, failing to hold that zone could send Ethereum into a much deeper consolidation. Traders are making comparisons to Bitcoin’s recent price action, with both assets showing similar displacement moves and leaving inefficiencies in their wake. It’s almost like watching two friends get caught in the same awkward situation.

Related Reading: Ethereum Price Faces $1.5K Risk After Rejection at Key $2.3K Level

Monthly Trendline Faces Critical Test

Now, let’s talk about Ethereum’s long-standing ascending trendline, which it’s currently testing on the monthly chart. This trendline, a steadfast hero through several market phases, has provided structural support in the past. Historical data, being ever the drama-loving historian, shows that successful tests of this trendline have often been followed by lengthy upward trends. Exciting, isn’t it?

Crypto analyst Trader Tardigrade (because who else would you trust?) pointed to this very pattern, claiming that Ethereum’s past performances make it a pretty solid bet. In 2020, Ethereum managed to stay above this trendline before embarking on a parabolic rally. So, naturally, everyone’s wondering if it’ll repeat history-because why not expect history to repeat itself for the hundredth time?

/monthly

Trendline holds = Massive upside 🔥 has a proven pattern: every time price holds above this ascending support trendline, it launches into a parabolic rally.

It happened in 2020 → massive bull run.

Now is testing the trendline again. If it holds…

– Trader Tardigrade (@TATrader_Alan)

So here we are, with Ethereum sitting near this higher time frame support, while everyone is on high alert for short-term levels at $2,110 and $1,970. The reaction at the monthly trendline, along with any retests of that juicy fair value gap, will undoubtedly guide trader positioning. It’s a waiting game, folks, and the stakes have never been higher.

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2026-02-26 20:32