Ethereum (ETH), which recently reached a high of $2,717, is now at a crossroads as it faces a gradual decline.
Crypto analyst Ali identifies a critical demand zone, ranging from $2,388 to $2,460, that holds the key to Ethereum’s current price trajectory.
Ali emphasizes the importance of the demand zone between $2,388 and $2,460, describing it as a critical support level.
The resilience of Ethereum in this zone could be a deciding factor for a potential upward movement, providing much-needed relief from the current bearish pressures.
Analysts predict that if Ethereum can maintain its position within the identified demand zone, it will be able to regain momentum. This upward trajectory would indicate a bullish trend and could boost market confidence.
Conversely, if Ethereum fails to withstand the current challenges and breaches the critical demand zone, a bearish scenario could occur.
Analysts predict a potential slide to the next major support level of around $2,000, representing a nearly 20% drop from the current valuation of $2,240. This decline puts Ethereum’s ability to withstand market pressures to the test.
Ethereum’s value has dropped by 4.3% in the last 24 hours, breaching Ali’s identified demand zone. The current ETH trading price is $2,368, indicating a possible continuation of the downward trend.
