ETHEREUM is traded at low levels after failing to restore a mark of $ 2,500, leaving the market that is not sure of its next step. Analysts remain divided, with some call for a continuous decrease as the ETH price continues, while others see signs of a possible recovery formation on the main support levels.
Senior analysts Ali Martinez shared data on the series From Glassnode, and revealed that the number of ETHEREUM addresses bearing more than 10,000 ETHs has decreased to 919, a decrease from 999 in late February. This indicates that the whales were selling severely during the last correction, probably driven by cases of fear and liquidity. The surrender of big players is often a landmark, indicating uncertainty among institutional investors and increasing concerns about more negative risks.
Despite this wave of sale, Ethereum has occupied the main demand level about $ 2200, indicating that a possible reflection can form. If ETH is able to settle at this level, it may be built a momentum for apostasy in the coming weeks.
The next few weeks will be decisive to make the ETH price. If bulls regain control, Ethereum may try another batch of $ 2,500 and beyond. However, failure to retain current levels can lead to the bottom of another leg, which extends the stage of landing and preserving merchants on the edge of the abyss.
Price procedure details: Keys levels to watch
ETHEREUM (ETH) is currently trading at $ 2,300, stuck in a range after failing to get more than $ 2,500 or break less than $ 2000. The market remains uncertain, with fluctuations that swing at the price of the ETH up and down, which prevents a clear trend from formation.
In order for the bulls to confirm the recovery collection, it is necessary that the batch of more than $ 2,500 to $ 2,600 is necessary. The restoration of this region would refer to a strong purchase momentum, which may change the feelings in favor of the bulls. Without this step, Ethereum remains at the risk of standardizing continuity or other leg down.
However, at the present time, the main focus is on retaining the level of demand of $ 2200. This main support zone prevented ETH from decline, but if it fails, selling pressure may increase, which pushes the ETHEREUM towards levels of $ 2,000.
With the uncertainty in the market, traders monitor whether ETH can stabilize more than $ 2,200 or gain momentum towards higher resistance levels. Until Ethereum explodes out of its current range, it is expected to continue fluctuation, making both bulls and bears careful about the next main price step.
Distinctive image from Dall-E, the tradingView graph
