Ethereum’s price has recently fluctuated between $2,300 and $2,600. Analysts warn that falling below this range could increase selling pressure in the market.

Critical Support Level: $2,300

Crypto analyst Ali Martinez highlighted the importance of the $2,300 level for Ethereum on the X platform. At this level, 2.4 million wallets hold 5.6 million ETH, which could prompt investors to sell if breached. Martinez added, "If Ether drops below $2,300, investors may sell to limit their losses, potentially driving the price down further." Historical data indicates that losing the TD setup support line could result in a price drop of up to 53%.

Short-term Expectations and Uncertainties

Some analysts remain optimistic about Ethereum’s long-term outlook. Analyst EᴛʜᴇʀNᴀꜱʏᴏɴᴀL predicts the end of its accumulation phase and a strong bull market in 2025. Geoff Kendrick from Standard Chartered suggests that a potential Trump re-election with crypto-friendly policies could lead to an increase in cryptocurrency prices.

Factors Affecting Ethereum's Future

Ethereum’s outlook may be affected by market volatility and shifting investor interest towards other altcoins. Additionally, the slow progress of spot Ether ETF applications in the U.S. adds to the uncertainty. Regardless, expectations for the market remain positive for the year's last quarter, particularly in light of the upcoming U.S. presidential elections.

The future of Ethereum and other digital assets continues to evolve based on macroeconomic conditions and technical indicators. In such volatile market conditions, it is crucial for investors to stay informed and make informed decisions.