Ethereum trades slightly above the most crucial support level since December 2023, a price zone that can determine its tiny -term direction. Bulls must maintain this level to prevent further decline and initiate the recovery phase, but sales pressure remains sturdy. Analysts are divided, and some expect a long market while others see the potential for reflection.
Crypto Expert Ali Martinez has released Santiment data on xrevealing that whales have bought another 190,000 ETH in the last 24 hours. This increases the broader accumulation trend that lasts over the past month.
Historically, such whale activities are signaled by the trust of gigantic investors, who often accumulate at reduced prices before the resumption of growth. If this trend persists, Ethereum can prepare for a sturdy recovery rally.
However, the stubborn rush remains uncertain. ETH must recover key levels above USD 2,500 to confirm reversal, and the lack of this can lead to further corrections. The market is currently driven by fear and uncertainty, but the continuous accumulation of whales suggests that clever money positions future profits. The upcoming days will be of key importance for determining whether Ethereum may reflect or bears will persist.
ETH testing key long -term demand
Ethereum trades at USD 2220 after reaching the lowest level since the end of November 2023. The last sale moved ETH below the critical support zones, and the bulls are trying to regain control. The price is currently below the 200-week-old movable (EMA) interpretation (EMA) of around USD 2290 and 200-week-old movable (MA) is about USD 2,480, which signals the Bear Perspective, unless he is soon sturdy recovery.
In order for Ethereum to regain the shoot, bulls must recover USD 2,500 in the coming days. Breaking above this level would signal the renovated strength, potentially leading to a huge recovery rally, because traders will regain confidence. However, ETH remains under pressure, and the lack of recovery of the 2,200 USD mark may confirm further declines. If this scenario develops, Ethereum can face a deeper correction of psychological support worth $ 2,000, and even lower, depending on market moods.
Because the market is still dominated by fear and uncertainty, traders carefully observe key technical levels. If ETH can stabilize above USD 2,200 and push higher, there may be an auxiliary rally on the horizon. Otherwise, Ethereum may remain in the extended bottom, testing investors’ patience and market resistance. The next few days will be of key importance for the ETH price campaign.
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