Ethereum Holds Above $2,400 Support Amid Market Volatility

Ethereum Market Analysis

Ethereum has experienced a 14% decline since late May but remains above the critical support level of $2,400. Key points include:

ETH is trading at $2,539, showing a 1.86% increase today.
Bulls need to break and hold above the $2,800 resistance to signal a potential recovery.
The asset’s weekly chart indicates indecision, with four consecutive small-bodied candles.
Analyst Big Cheds suggests ETH may be forming a bearish pattern, indicating exhaustion before a possible reversal.
Rising US Treasury yields and macroeconomic uncertainties pose risks to crypto assets.
Immediate resistance lies between the 34 EMA ($2,528) and 100 SMA ($2,565).
A drop below the 200 SMA ($2,511) could lead to retests around $2,430.

The next few weeks will be crucial for determining whether Ethereum can regain upward momentum or faces renewed selling pressure.