Ethereum bulls are focused on safeguarding the $2,400 support level as a strategy to avert further declines. Recently, Ethereum has witnessed a rise in capital flow, indicated by a positive Chaikin Money Flow reading. This uptick reveals that bulls are accumulating the coin, potentially preventing a significant price drop akin to a past event.
The Weighted Sentiment metric supports this optimistic outlook, showing a shift from neutral to positive sentiment. This increase suggests a growing bullish perception among market participants, which could enhance demand for Ethereum and stave off price drops, despite its current level near $2,556.
Technically, Ethereum has formed an inverse head-and-shoulders pattern on the daily chart, a bullish signal suggesting a potential trend reversal. If bulls defend the $2,457 level successfully, the altcoin may rally towards $2,839 or even reach $3,010 in an optimistic scenario.
However, if Ethereum fails to maintain support, it could decline to $2,116, indicating the importance of current support levels for potential upward movements.
