Ethereum has recently faced significant selling pressure, leading to the repeated testing of lower support levels.
Current Market Situation for Ethereum
According to the latest analysis by MakroVision, Ethereum has not shown significant buying reactions, which raises the question of whether it has reached a bottom or if the decline will continue. ETH has dropped below multiple support zones and is revisiting deeper liquidity areas.
Key Levels for Ethereum
Analysts highlight several critical price zones for ETH: $2,132: The first major hurdle that Ethereum must reclaim to start a potential recovery. $2,400: A critical area with descending trend lines. Breaking above this level could signal a trend reversal. $1,730: This level has held so far, but another test could weaken the support. $1,544: The lowest liquidity zone, likely the next target if Ethereum breaks below $1,730.
Future of Ethereum: Analysts' Expectations
At the time of writing, ETH is trading at $1,939. The question of further decline remains open, as no sustained buying momentum has been seen to establish solid support at current levels.
Ethereum continues to experience selling pressure and has yet to find sufficient support for a reversal. Investors should be cautious, as future movements may determine ongoing trends.
