The Ethereum price has almost completely erased its gains since the beginning of 2024. However, developments in the last 24 hours indicate that a change is imminent. 📈

On the daily chart, the price is fluctuating between $2,100 and $2,700 and the decline has stopped. The market structure is still bearish as long as the $2,700 level is not broken. However, if the $2,100 support is maintained, a new uptrend is possible.

On the 4-hour chart, the price has recovered from the $2,100 support and is slowly rising. Although the momentum is weak, a sudden move towards the $2,700 resistance is expected.

Although the Ethereum exchange reserves show that the price has formed a bottom, short-term fluctuations are worrying. An increase in reserves could trigger a price decline. If there is not enough demand, a price decline is possible in the short term.