Ethereum remains under pressure as strong downside momentum puts the bears in charge, with traders focused on whether key support zones will be able to stabilize the price.
Ethereum ($ETH) has been under intense selling pressure, falling nearly 10% in the past 24 hours. The altcoin market leader has been unable to break above recent intraday highs around $2,435 and is currently trading around $2,207.
The chart shows a steady decline punctuated by sharp declines, reflecting weakening short-term sentiment. $ETH It’s also down about 23% over the past week and more than 31% over the past 14 days. Despite trading volume increasing to nearly $51.9 billion, Ethereum underperformed both the broader market and Bitcoin in 24 hours as buyers struggled to stabilize the price.
Ethereum price analysis
ethereum price action The 4-hour chart shows continued downward pressure. $ETH After a sharp decline, it is now holding firm just above the $2,200 area. This zone serves as immediate support. A full break below this level could lead to further weakness for Ethereum towards the next psychological support near $2,100, with buyers potentially attempting short-term defense.
$ETH 4 hours analysis
The good news is that the former zone of consolidation has turned into a clear line of resistance. Specifically, the $2,300 to $2,350 area stands out as the first major area of resistance, coinciding with previous breakdown levels and recent failed rebound attempts. Beyond that, the $2,450-$2,500 zone represents a stronger ceiling, where sellers were previously actively intervening.
Moreover, momentum indicators strengthen the bearish structure. The Relative Strength Index is highly oversold and is hovering around 15, indicating extreme selling pressure. However, selling exhaust gas also increases the likelihood of a short-term bailout rebound.
Meanwhile, the average directional index is rising above 65, confirming that the current trend is strong and firmly established to the downside. This combination suggests that Ethereum will remain firmly in a bearish trend until signs of a reversal appear.
Will you receive $6,000 from Ethereum reversal?
Analyst CryptoGVR outlined both a potential reversal zone and upside targets for Ethereum in a social media commentary. analyst noticed that $ETH It could start forming a foundation in the $1,800 to $2,200 range, an area seen as a key demand zone following the recent selloff.
$ETH prediction
Once prices stabilize and a reversal from this region is confirmed, we expect Crypto GVR to continue a broader recovery phase. He has set an upside target for the stock in the range of $4,000 to $6,000.
