Ethereum Tests Key Support at $2,500 Amid Market Uncertainty
Ethereum is trading near $2,488, facing selling pressure as bearish momentum increases in the broader crypto market. Recent attempts to break the $2,700 resistance have failed, raising concerns about a potential deeper correction. Key points include:
- ETH struggles below $2,500 with weakening market sentiment and rising US Treasury yields.
- Analyst Ted Pillows suggests Ethereum could reach $10,000 within this cycle, viewing current price movements as temporary.
- Long-term factors like institutional interest and declining exchange supply support bullish outlooks.
- Technical indicators show ETH testing critical support at $2,500, with consolidation since May.
- Support levels remain around $2,470–$2,500; failure to hold may lead to a drop towards $2,300.
- Reclaiming $2,700 could initiate a significant upward move.
Volume trends are declining, indicating uncertainty on both sides. A decisive break above or below key levels will determine Ethereum's next trend.
