Ethereum Price Declines After Recent Surge, Analysts Monitor Key Support Levels
Ethereum (ETH) recently surged to $2,850 but has since retraced to around $2,674, with a market cap of $322 billion. The recent drop follows a broader market downtrend, where Bitcoin fell by 13% and Ether experienced a 35% decline over the weekend, bottoming near $2,000.
Key points include:
- Historical performance indicates ETH's previous gains often preceded negative market movements.
- A significant support level for Ethereum is identified at $2,425, with over 10 million wallets holding 62.43 million ETH at this price point.
- Current supply on exchanges is at 6.38%, the lowest since the network's launch, indicating increased holder confidence.
- Analyst venturefounder forecasts a potential rally if ETH confirms a double-bottom pattern around $4,000, raising the price target to $18,000 by November 2025.
- The timeline for reclaiming the $4,000 mark is extended to June 2025.
Source: Ali Charts
Source: Santiment
Source: venturefounder