Ethereum

Carl

Spot

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>ETH could potentially dip to around $2,200 before a significant rally.</li> 
 <li>A major support level for Ethereum is at $2,218.93, indicating strong buying pressure.</li> 
</ul>  
<p>Despite favorable developments such as the introduction of an Ethereum Spot ETFs in the U.S, Ethereum has not yet reached new all-time highs. </p> 
<p>Over the past week, the world’s largest altcoin, Ethereum, has seen a 6.62% decline. </p> 
<h2 id="falling-wedge-pattern-indicates-potential-upswing">Falling Wedge Pattern Indicates Potential Upswing</h2> 
<p>Crypto analyst Carl Runefelt predicts that this downtrend could continue, especially as Ethereum seeks some stability before a possible rally. </p> 
<p>According to Runefelt’s daily chart analysis, Ethereum is currently trading within a falling wedge, a pattern often leading to a significant rally after a period of decline. </p> 
<p>The key support level for Ethereum, according to the analyst, appears to be around $2,200, where substantial buying pressure can be observed. </p> 
<p>If Ethereum rebounds from this support level, Runefelt believes it could see an 80.47% hike, potentially pushing the altcoin to $4,000. </p> 
<h2 id="analysis-supports-the-strength-of-the-2-200-support-level">Analysis Supports the Strength of the $2,200 Support Level</h2> 
<p>AMBCrypto conducted an analysis using IntoTheBlock’s In and Out of Money Around Price (IOMAP) tool, which identifies key support and resistance levels. </p> 
<p>The analysis revealed that the $2,200 zone is a key area for buying pressure, with a major support level at $2,218.93, where over 1.59 million Ethereum is held in profit by addresses. </p> 
<p>However, the analysis also suggested that Ethereum might not fall as low as $2,218.93, before reversing. </p> 
<p>There’s a strong possibility of a reversal around $2,281, where over 2.17 million buyers hold a combined total of 1.01 million Ethereum. </p> 
<p>Hyblock’s cumulative liquidation level delta revealed a negative delta, indicating a bearish market trend. </p> 
<p>Further analysis by AMBCrypto suggested that Ethereum may be approaching a decline, supported by a notable drop in the OI-weighted funding rate. </p> 
<p>This rate adjusts based on the asset’s Open Interest, indicating that retail investors are willing to drive Ethereum’s price lower. </p> 
<p>If this decline continues, a fall to the $2,200 support zone will become increasingly likely.</p>

Why You Should Hold Off on Ethereum’s Ascent to $4000: Explained!

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CoinEagle.com

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