Ethereum has been negotiated slightly above the most critical level of support since December 2023, a price zone that could determine its short-term management. The bulls must maintain this level to avoid other drops and initiate a recovery phase, but the sales pressure remains strong. Analysts are divided, some expecting a prolonged bear market while others see the potential of a rebound.
The expert in crypto Ali Martinez shared data on Santiment on X, revealing that the whales bought 190,000 additional ETH in the last 24 hours. This adds to the broader trend of the accumulation which is underway in the last month.
Historically, such an activity of whales signals the confidence of large investors, who often accumulate at reduced prices before an upward trend. If this trend continues, Ethereum could be set up for a solid rally of recovery.
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However, the bullish momentum remains uncertain. The ETH must recover the key levels above $ 2,500 to confirm a reversal, and the non-compliance to do so could cause new corrections. The market is currently motivated by fear and uncertainty, but the continuous accumulation of whales suggests that intelligent money is positioned for future gains. The next few days will be crucial to determine if Ethereum can bounce back or if the downward trend will persist.
ETH testing a long -term crucial demand
Ethereum has been negotiated at $ 2,220 after reaching its lowest level since the end of November 2023. The recent sale pushed the ETH below the critical support areas, and the bulls are struggling to regain control. The price is now lower than the 200 -week exponential mobile average (EMA) at around $ 2,290 and the 200 -week mobile average (MA) from around $ 2,480, reporting a downward perspective unless a strong recovery is soon to take place.
For Ethereum to take the momentum, the bulls must recover the level of $ 2,500 in the coming days. A break above this level would point out a renewed force, potentially leading to a massive recovery rally while traders regain confidence. However, the ETH remains under pressure and not recovering the $ 2,300 mark could confirm new drops. If this scenario takes place, Ethereum could face a deeper correction towards psychological support of $ 2,000, or even more, depending on the feeling of the market.
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The market still dominated by fear and uncertainty, traders look closely at the technical levels. If the ETH can stabilize above $ 2,200 and push higher, a rescue gathering could be on the horizon. Otherwise, Ethereum could remain trapped in a prolonged downward trend, testing investor patience and market resilience. The next few days will be essential for the action of ETH prices.
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