The weak trend in Ethereum over the past week has drawn investors’ attention to the short-term support line around $2,100. Looking at current charts, Ethereum (ETH) is trading at around $2,115, indicating a loss of 1.09 percent in seven days. The high level in 24-hour trading volume reached 9.74 billion dollars. Price movements in this region are considered by analysts as a threshold between the possibility of a new recovery and a deeper retreat.
$2,150 resistance became the main area of struggle
Ethereum is currently trading near the $2,150 band, the first significant resistance area where buyers are looking to regain control. Although the price tried to recover somewhat after the recent declines; In order to be able to talk about a meaningful rise, this resistance must be overcome and a close must be made above it.
In the current chart shared, it was observed that the ETH price is on the verge of a short-term breakout zone and is constantly approaching this zone by creating higher lows. According to experts; A clear close between $2,150 and $2,170 could pave the way for an increase to the $2,200 – $2,327 band.
If the price comes out positive from the fight here, the next targets are 2,200 and 2,327 dollars. However, as long as it remains below this zone, uneasiness continues in the market.
Broken trend line puts pressure on ETH
Some investors began to tread cautiously in the market due to the breakout of the rising trend structure in which Ethereum had previously gained great momentum. With the fall below this trend line, which has provided support since February, the ETH price retreated to $ 2,122. All eyes are now on the lower $1,940 support line.
If the price cannot return above this broken trend, the move can be considered a failed attempt and not a consolidation. In this case, $1,940 and lower regions may come to the fore again.
Hope continues for the bulls
Despite all the negative signals, Ethereum still continues to hold on to the demand zone. Experts point out that the price reacts especially in the range of 2,010-2,100 dollars. In order for bullish expectations to be active, stability must be achieved in the range of $ 1,940-2,100 in the first stage, followed by a rapid recovery at $ 2,288 and above.
It is claimed that in order for the market to recover, it is necessary to stay in the critical zone permanently. The upside possibility is not technically active; However, if the price exceeds the resistances, a target is set up to $ 2,880 and $ 3,650 respectively.
Mini dictionary: Demand zone is a technical analysis concept where the price is heavily covered by buyers and often acts as support. The price may frequently stop in this region and develop upward reactions.
| Level | Possible Scenario |
|---|---|
| $2,150-$2,170 | If exceeded, the rise may accelerate |
| $2,200-$2,327 | Medium term first resistance |
| $1,940 | If it goes below, selling pressure may increase |
Whale movements support the possibility of a rise
According to on-chain data, the number of addresses holding large amounts of ETH has continued to increase even during recent declines. In particular, the increase in the amount of Ethereum held in wallets outside exchanges indicates that “whales”, especially long-term investors, are trying to turn the price decline into an opportunity. Although this chart does not guarantee an immediate recovery, it does show that the market is not completely weak.
Experts say that price movements continue to remain weak in the short term; However, he stated that the behavior of major investors revealed that market faith was not completely lost.
Currently, Ethereum is at a decision point. Maintaining the $2,100 level is positive according to the charts; But clear confirmation is required for the continuation of the rise. In particular, exceeding $ 2,170 and then passing the resistances of $ 2,327-2,400 may strengthen the bullish scenario. On the other hand, if the support line is lost, it is possible for sales movements to come to the fore.
According to the current data reflected on CryptoAppsy screens, Ethereum is traded at $ 2,115.
