Ethereum has experienced notable turbulence in the past 24 to 72 hours. The cryptocurrency is currently trading around $2,400, showing signs of continued bearish pressure. Recent large-scale transactions, including a 35,000 ETH sale by the Ethereum Foundation and movements by hackers, have added to market instability. The Ethereum Foundation’s sale of ETH has raised concerns, signaling potential bearish sentiment in the short term, while a hacker transferring 3,000 ETH to a privacy service further spooked the market.
Technical Analysis and Outlook
Ethereum’s key support is hovering around $2,400, with critical resistance near $2,850. If Ethereum fails to maintain this support level, the next leg down could push the price toward $2,200. On the technical front, indicators such as the Relative Strength Index (RSI) suggest the asset is approaching oversold conditions, which might indicate a potential recovery, but current market sentiment remains bearish.
Ethereum is also facing challenges from reduced network activity and low trading volumes, reflecting decreased participation from traders. Some analysts predict that if ETH holds above $2,300, it could rebound to test resistance levels between $2,800 and $3,200(The Currency analytics)(ZebPay).
At present, Ethereum’s long-term outlook remains mixed, with innovations like Ethereum 2.0 continuing to bolster its position in decentralized finance (DeFi) and NFTs, but short-term market conditions and large transactions are contributing to heightened volatility(Coin Tribune)(interactivecrypto.com).
Ethereum’s price as of today is approximately $2,400, with market watchers advising caution due to the potential for further downward movement.
