- Ethereum crashes below $2,310, approaching a crucial $2,000 support zone amid bearish pressure.
- Analysts highlight bearish indicators, but some predict a potential bullish reversal near $2,600.
- Ethereum derivatives suggest optimism, though a drop below $2,200 could trigger further decline.
Ethereum is experiencing heavy selling pressure, pushing the price under $2,310. The broader crypto market remains weak, increasing concerns of a deeper correction. Analysts now focus on the $2,000 level, a crucial support that could decide Ethereum’s next move. A falling channel pattern suggests continued weakness unless buyers regain control. Traders now wonder whether Ethereum will hold above key support or continue sliding lower.
Ethereum Approaches a Critical Support Level
Ethereum continues to trade in a falling channel, showing persistent bearish momentum. After breaking below $2,400, the price now tests the $2,224 support level. A failure to hold this zone could trigger a sharper decline toward $2,000. Technical indicators show increasing selling pressure.
The MACD confirms a bearish crossover, suggesting momentum favors the downside. However, the RSI remains above oversold territory, leaving room for a possible short-term rebound. Some traders expect a bounce from this region, while others remain cautious about further losses.
Analysts Predict a Possible Rebound
Crypto analyst Titan of Crypto highlights a Wyckoff accumulation pattern in Ethereum’s weekly chart. Price rejections near $2,139 suggest strong demand at lower levels. A previous occurrence of this pattern triggered a strong recovery, giving hope to bullish investors.
Another analyst, Ted Pillows, points to a bullish divergence in the three-hour chart. This pattern suggests that selling momentum may slow down, allowing a potential short-term rally. If Ethereum gains strength, the price could climb toward the $2,600–$2,700 range.
Despite the bearish trend, derivatives data shows optimism. Ethereum’s put-to-call ratio stands at 0.46, signaling bullish sentiment among options traders. Key strike levels remain between $2,200 and $3,100, showing expectations of price recovery.
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