Current State: Ethereum faces a 1.26% intraday decline, indicating a bearish market sentiment.
Breakout Struggle: ETH's difficulty in surpassing the $2500 mark raises concerns of a potential reversal.
Technical Pattern: A forming evening star pattern in the weekly chart suggests a deeper pullback might be imminent.
Key Support Zone: The critical level at $2400 is under threat; a breakdown here could lead to a retest at lower levels.
DeFi Market Resilience: Despite a recovery in DeFi, with TVL hitting $57 Billion, ETH's price remains vulnerable.
Market Dynamics: Ongoing GBTC outflows and a general market pullback put additional pressure on altcoins, including Ethereum.
Immediate Outlook: Ethereum currently trades around $2423, with a potential bearish reversal looming.
Downside Risk: If the $2400 support breaks, ETH could see a 17% drop towards the $2000 level.
Upside Potential: Preventing the evening star formation could lead to a continuation towards, and potentially beyond, $2500.
Technical Indicators: While the MACD shows a bullish trend, candlestick patterns indicate a possible pullback.
Trading Sentiment: Coinglass data reveals a growing inclination towards shorting ETH, with a Long/Short Ratio leaning towards shorts.
Critical Levels to Watch: If sellers gain momentum, Ethereum could test $2000; conversely, holding off sellers might push it back to $2500 or $3000.
Breakout Struggle: ETH's difficulty in surpassing the $2500 mark raises concerns of a potential reversal.
Technical Pattern: A forming evening star pattern in the weekly chart suggests a deeper pullback might be imminent.
Key Support Zone: The critical level at $2400 is under threat; a breakdown here could lead to a retest at lower levels.
DeFi Market Resilience: Despite a recovery in DeFi, with TVL hitting $57 Billion, ETH's price remains vulnerable.
Market Dynamics: Ongoing GBTC outflows and a general market pullback put additional pressure on altcoins, including Ethereum.
Immediate Outlook: Ethereum currently trades around $2423, with a potential bearish reversal looming.
Downside Risk: If the $2400 support breaks, ETH could see a 17% drop towards the $2000 level.
Upside Potential: Preventing the evening star formation could lead to a continuation towards, and potentially beyond, $2500.
Technical Indicators: While the MACD shows a bullish trend, candlestick patterns indicate a possible pullback.
Trading Sentiment: Coinglass data reveals a growing inclination towards shorting ETH, with a Long/Short Ratio leaning towards shorts.
Critical Levels to Watch: If sellers gain momentum, Ethereum could test $2000; conversely, holding off sellers might push it back to $2500 or $3000.