Last week, Ethereum (ETH) failed to break through the resistance level around $2444. As a result, the altcoin dropped to $2269, and its market capitalization decreased by almost 2% to $269.385 billion in a week. The nearest strong resistance levels have formed at $2280 and $2300.
Santiment analysts believe that if Ethereum can once again rise to the $2500 mark, there may be an increase to $2620 this week, as the supply of the asset on exchanges is decreasing. In case of further Ethereum sales, support may be expected in the range of $2120 to $2080. Ethereum's volume on the top 150 exchange wallets has reached its lowest point since June 2018.
Large investors hold 9.46 million ETH on trading platforms, while 56.25 million ETH is stored in 150 cold wallets, which is a record, emphasized by Santiment. The Relative Strength Index (RSI) is still below the 50 level, indicating oversold conditions for Ethereum. Therefore, there is a possibility of a price rebound in the coming days.
