CandleFocus Ethereum Price Analysis: Can ETH Rise to $2.7K After Finding Support at This Critical Level?
2024-09-13
Author: Content Editor
The price of Ethereum has been declining and recently found support at the $2,200 level. However, there has not been a significant rebound in the market and the momentum still favors a bearish continuation. A breakout below the $2,200 level is likely. On the 4-hour chart, Ethereum has been gradually rising but lacks bullish momentum. A break above the $2,700 level is needed for a long-term bullish reversal. Market participants remain skeptical of a bullish reversal occurring soon. The exchange reserve metric, which measures the amount of ETH held in exchange wallets, has been consistently declining but is now rising above its 30-day moving average. This could lead to further selling pressure and a possible short-term drop in price if not met with sufficient demand.
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