Ethereum (ETH) rise depends on this: It must fall first!

Crypto analysts claimed that Ethereum (ETH) could fall to $ 2,200 and receive a reaction from that point.

Although spot #Ethereum ETFs have attracted the attention of Wall Street, demand for ETH has not increased. The world's largest altcoin has not yet fully gained strength.

#ETH fell by 6.62 percent last week. Crypto analysts believe that these declines could awaken the bulls. According to analyst Carl Runefelt's daily analysis, ETH has formed a falling wedge formation, meaning a "post-apocalyptic revival."

Analysts believe that if the ETH price receives support from $ 2,200, it could increase by 80.47 percent. According to the analysis in question, ETH could rise to $ 4,000.

IntoTheBlock’s Inflow and Outflow Around Price (IOMAP) tool, which identifies important support and resistance levels, revealed that the $2,200 area is a critical area for buyers.

IOMAP reported that more than 1.59 million ETH was purchased at $2,218. The analysis showed that the level in question will be strongly defended.

The cryptocurrency market experienced a recovery rally accompanied by data from the US. Bitcoin gained nearly 2 percent. $ETH , the pioneer of altcoins, returned to $2,400.