*Ethereum Price Drops 6%, Eyes Major Rebound Ahead of Altseason* ❗❗
Ethereum Price Drops 6%,
Major Rebound Ahead of Altseason👍🏻
*Highlights* ✅
Ethereum has shown signs of slowing its price decline.
On-chain data suggests a strong support level at $2,290-$2,360.
A breach of this support could lead to a significant price drop.
Ethereum (ETH) is showing signs of a potential bullish recovery after closing last week with an inverted hammer candlestick. The large-cap layer-one (L1) network, with a fully diluted valuation of $273 billion and a daily trading volume of about $12.5 billion, saw its price drop 6% in the last 24 hours, trading at around $2,274 on Monday, September 16.
Despite the recent dip, Ethereum’s correction has slowed compared to the sharp declines seen in August and early September.
*Key Support Levels to Watch*
Technically, Ethereum needs to bounce from its current support to avoid further losses.
On-chain data from IntoTheBlock shows that 1.9 million Ethereum addresses bought 52.3 million ETH between $2,290 and $2,360, creating a str
Even with the approval of spot Ethereum ETFs in the U.S. and other regions, ETH has struggled to find upward momentum. Recent data shows U.S. spot Ether ETFs have posted five straight weeks of losses.
In contrast, U.S. spot Bitcoin ETFs have performed better, putting more pressure on Ethereum’s price support zone.
If this support breaks, Ethereum could drop below $2,000, with the next key support level around $1,800.
