Even though Ethereum (ETH) is facing challenges, its price still has the potential to climb. Currently, ETH is trading at $2,411.
Based on the In/out of Money Around Price (IOMAP) analysis, a significant amount of ETH has been accumulated around $2,345, which provides strong support. Higher volume at these price levels indicates stronger influence on price movement, making it less likely for holders to sell at lower prices.
Additionally, the Chaikin Money Flow (CMF) is in the positive region, signaling that accumulation is outpacing selling pressure. This increased buying pressure is a positive sign for Ethereum's price recovery.
On the daily timeframe, Ethereum has risen from $2,225 to $2,421, indicating a steady upward trend. A supply zone around $2,700 could act as resistance, but the demand zone at $2,400 increases the likelihood of surpassing resistance at $2,581.
Potential obstacles like the sell wall around $2,744 are considered, but if cleared, Ethereum could reach $2,800 and potentially $2,991.
However, traders should be cautious of potential market volatility. If the broader market turns bearish, Ethereum's price could drop to $2,114, making this forecast contingent on market conditions.
