Ethereum Maintains Key Support Level After 10% Pullback
Ethereum (ETH) has declined over 10% in the past 24 hours, impacted by global tensions and macroeconomic uncertainty. Key factors include rising US bond yields and increasing trade conflict between the US and China. While Bitcoin remains stable, altcoins like ETH are experiencing pressure, prompting caution among traders.
Key points include:
- ETH maintains range support around $2,400 despite the pullback.
- Analyst Ted Pillows noted that if ETH reclaims momentum above critical support zones, a breakout towards higher levels is possible.
- ETH is approximately 48% below its all-time high, suggesting significant upside potential.
- A strong performance from Bitcoin could lead to an altcoin market rally.
- Current trading price for ETH is around $2,466, remaining within the consolidation range of $2,400 to $2,700.
The recent pullback halted near the 100-day SMA (~$2,068), which has historically provided strong support. Holding this level is essential for maintaining a bullish outlook.
Volume is moderate as traders await confirmation before making new positions. A close below $2,400 may lead to further declines towards $2,200, while a recovery above $2,666 could signal renewed strength and a move towards $3,000.
