Ethereum

Convergence

bullish

Divergence

<ul class="wp-block-list">
 <li>Ethereum trades at $2.4K, with a modest gain over the past 24 hours.</li>
 <li>The market observed a liquidation of $28.86 million worth of ETH.</li>
</ul>
The altcoin market has shown mixed signals from the start of the week. Ethereum (ETH), the largest altcoin, is grappling to sustain itself in the $2.5K mark. The asset’s price has been caught between the key support and resistance levels.
Notably, ETH witnessed several price dips in the past <a href="https://thenewscrypto.com/ethereum-eth-struggles-to-break-2-5k-amid-bearish-dominance/" target="_blank" rel="noopener noreferrer nofollow">few days</a>. The daily price chart shows the token’s struggle to drive the price above $2.5K. ETH managed to trade at $2,416 while recording a modest gain of 0.92% at press time, according to CMC <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.
Over the day, ETH registered the lowest price at $2,329 and the highest at $2,417. The market observed a liquidation of $28.86 million worth of Ethereum during this timeframe, as per <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a>. Meanwhile, the daily trading volume of ETH stayed at $15.12 billion.
Despite that, an analyst <a href="https://x.com/ali_charts/status/1844632706895823011" target="_blank" rel="noopener noreferrer nofollow">observes</a> that $2.3K is the crucial support level for Ethereum, where 2.4 million addresses have purchased 52.6 million ETH at this price. If the price falls below this demand zone, it could trigger a sell-off as investors may sell their holdings to minimize the losses.&nbsp;
<h3 class="wp-block-heading" id="h-will-eth-overcome-the-bearish-pressure-nbsp">Will ETH Overcome the Bearish Pressure?&nbsp;</h3>
The largest altcoin’s weekly price chart reveals a brief gain of 1.65%, which noted ETH’s high at $2,510. ETH continued to trade within the moderate range. The asset opened the week at the $2.3K mark and continued to trade within $2.4K.&nbsp;
If the anticipated bullish signals showed up, ETH might push its price towards $2,598. If this momentum continues, the asset could be targeted for the next major breakout. However, if Ethereum fails to hold the bullish momentum and struggles to surpass the $2.5K mark, the price may slip to the consolidation zone, which has the potential to direct the asset’s price to the $2.3K range.&nbsp;
On inferring TradingView, Ethereum is moving towards the neutral zone, as the daily relative strength index (RSI) is positioned at 49.11. Moreover, the asset’s daily frame displays the short-term 50-day MA below the long-term 200-day MA.
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Besides, ETH’s Moving Average Convergence Divergence (MACD) signal line stands below the MACD line, suggesting a negative market sentiment.&nbsp;

Is Ethereum (ETH) on the Brink of Falling Under $2.4K?

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