Will Ethereum Drop to $2,100 This Week?
$ETH faces increasing supply pressure as Bitcoin hovers near $55K. Despite a market recovery, Ethereum is at a critical point, with signs suggesting a potential drop to $2,100.
Reasons for the Decline:
- Ethereum ETFs saw a net outflow of $91.04M last week, with Grayscale’s ETHE ETF losing $111M.
- Vitalik Buterin’s wallet sold a significant amount of ETH, contributing to the downward pressure.
- Ethereum Foundation sold 550 ETH for $1.28M.
Price Overview:
Ethereum, currently trading at $2,312 with a market cap of $278B, has gained 4.07% over the past three days but may face a bearish reversal towards $2,100. Despite this, Ethereum’s network growth hit a four-month high, offering some hope for recovery.
Key Support Levels:
Ethereum’s crucial support lies at $2,250 and $2,100, with a possibility of a bounce back to $4,000 later this year.
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