Ethereum at a Critical Threshold: Analyst Gives Price at Which Rally Can Begin!

According to analysts, Ethereum (ETH) is approaching a significant turning point at critical technical levels.

After a decline period of about 2-3 months, Ethereum was almost crushed. ETH, which entered a recovery phase as of the beginning of this week, reached up to $ 2,370.

Analysts emphasize that especially the 200-week moving average and the annual opening price are critical indicators. It is estimated that these levels can determine how Ethereum will follow a direction in the short term.

Popular cryptocurrency analyst Skew stated in a post he made via Twitter that the 200-week moving average is a long-term support level and a bounce from here could compensate for Ethereum's recent losses.

In the post, it was noted that a positive movement could be seen in the market if the upcoming US inflation data comes lower than expected. Many analysts also warn that a drop below this level could trigger stronger selling pressure.

Currently, the 200-week moving average is $2,297, while the annual opening price is $2,294. According to CoinGecko data, Ethereum is finding buyers at $2,341 at the time of writing.