@Ethereum_official
#ETH
Ethereum, the second largest decentralized network by market capitalization, is experiencing a period of stagnation and its projected price increase is showing signs of faltering.
🟧A closer look at Ethereum's price action reveals a lack of momentum that can be attributed to reduced traction and volume on the chain. Ethereum price is currently stabilizing around $2,300 and is trying to find the strength for a decisive move.
🟧The key resistance level to watch is at $2337, where the token has faced repeated rejection. A break above this point could potentially lead to a test of the $2,450 area, offering a glimmer of hope for an upside move.
🟧 However, support levels paint a cautious picture, with $2,193 serving as an immediate floor. A breach below this could lead to a drop in prices towards the $2,042 level, which could dampen market sentiment further.
🟧 The lack of volume combined with recent price action indicates a test market, investors may be waiting for a stronger sign of a trend reversal before committing to more significant positions.
@sanor016
