The Ethereum price has lost most of its gains since the beginning of 2024, but developments in the last 24 hours are promising.
📊 Technical Analysis:
- On the daily chart, the price is consolidating between $2,100 and $2,700.
- If the $2,700 level is broken, a new uptrend may begin.
- On the 4-hour chart, a recovery from the $2,100 support level is observed.
📉 Sentiment Analysis:
- Ethereum reserves on exchanges are increasing, which may create selling pressure in the short term.
🚀 Optimism continues in the long term.