Ethereum Drops Below $2,310 Amid Predictions of $2,000 Support Test

Bitcoin struggles near $85,000, contributing to a bearish trend affecting altcoins. Ethereum is currently priced at $2,309, marking its fourth consecutive bearish candle and nearing a critical support level.

Ethereum Price Trends

• ETH approaches local support trendline after breaking under $2,400.
• The price is testing the $2,224 horizontal level, indicating increased bearish pressure.
• MACD shows a bearish crossover, suggesting heightened bearish momentum.
• Daily RSI remains above the oversold boundary, hinting at potential for bullish movement.

Analyst Insights

• Analyst Titan of Crypto notes a Wyckoff check accumulation pattern on the weekly ETH chart, indicating potential for a bullish reversal if key levels hold.
• Ted Pillows identifies bullish divergence in ETH, projecting a possible short-term rally towards $2,600-$2,700.

Derivatives Market Analysis

• High implied volatility (70-90%) in ETH derivatives suggests expectations of significant price swings.
• A put-to-call ratio of 0.46 indicates bullish sentiment among traders.
• Current open interest is high, particularly near quarterly expirations.

Market Levels and Outlook

• Key levels: $2,400-$2,500 as battleground; max pain trending toward $2,800.
• Low DVOL of 68.32 reflects market underpricing volatility.
• Closing below $2,200 could lead to a drop under $2,000, with potential Fibonacci test at $1,740.
• On the bullish side, a reversal might reach the $2,600 mark.