Ethereum Consolidates Below $2,900 After Recent Market Volatility
Ethereum experienced a significant sell-off, dropping 25% in one day due to market panic, marking one of its most volatile trading sessions. The price quickly rebounded, stabilizing above key support levels. However, uncertainty remains as Ethereum trades slightly below a critical resistance level.
- Current trading price is below $2,800.
- Analyst Daan indicates that BTC and ETH are consolidating, attempting to establish a higher low after the recent market downturn.
- Failure to establish strong support may lead to further declines.
- Holding above $2,700 and pushing toward $3,000 could renew investor interest.
- Institutional accumulation of ETH continues despite short-term uncertainties.
Ethereum is currently priced at $2,750, struggling to surpass the $2,900 mark. Key resistance remains at $3,000; a breakthrough could initiate a bullish phase. Conversely, failing to maintain the $2,700 support could result in declines to $2,600 or lower. Traders are monitoring for a decisive breakout above $2,800.
