CandleFocus

Over 52 Million ETH Bought At $2,300, Will Ethereum Bulls Defend This Support?

Author: Content Editor
The price of Ethereum has been relatively flat, trading within a narrow range of $2,300 to $2,800. However, there is uncertainty in the market despite investor optimism for a price increase. An analyst has observed that around 52 million ETH has been acquired by traders at the $2,300 level, making it an immediate support zone. If buyers are able to lift prices from this point, it could anchor an uptrend. However, if sellers continue to dominate, there is a possibility that ETH could drop below previous lows. The sentiment among ETH holders and traders is currently bearish, with over 65% expecting prices to struggle in the short term. The reaction at the local support level will determine the short to medium-term price formation. A surge above $2,800 would be crucial in driving demand and providing an optimistic outlook. There has been a decrease in the market capitalization of stablecoins, which could indicate a drop in buying power and caution among users. Typically, such decreases in stablecoin market caps precede market-wide corrections. Currently, there haven't been significant inflows of ETH to centralized exchanges, but more holders have been staking their coins, earning a 3.3% APY.

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