Ethereum's price is at a pivotal moment as it struggles to maintain above the $2,300 support level. Failing to surpass $2,500, the crypto market anticipates further rallies, but looming concerns about corrections increase tension among traders. Analysts from IntoTheBlock warn of a significant sell-off if this crucial threshold is breached.
Top analyst Ali emphasizes the importance of the $2,300 level, noting that about 2.4 million addresses purchased approximately 52.6 million ETH around this zone, marking it as a vital demand area. Breaching this level could trigger selling, impacting Ethereum's price trajectory significantly in the short term.
Ethereum's technical levels face scrutiny as the price hovers below critical moving averages. While a rebound from the $2,330 demand zone shows slight recovery, reclaiming the 200 moving average levels is essential to bolster bullish momentum. Failure to do so could lead to corrections toward $2,150.
The following days are decisive in shaping Ethereum's future, dictating whether it will secure gains or confront further price losses. Investor sentiment hinges on Ethereum maintaining its support to spark confidence for potential rallies.
