Ethereum (ETH) is approaching the $2,000 support level, which raises concerns about a possible breakdown. The cryptocurrency has experienced a pullback of around 12% in the past 24 hours, resulting in a market cap of $252 billion. The downtrend in Ethereum is gaining momentum, and there have been two consecutive completion-range breakdowns. The Chaikin Money Flow Index indicates a significant reduction in buying pressure, but the daily RSI line suggests a potential bullish divergence and consolidation near the $2,000 mark. Additionally, U.S. Ethereum Spot ETFs have seen continuous outflows since February 20. Despite the potential for consolidation, if broader market conditions worsen, Ethereum may break below $2,000 and test the $1,800 support level. However, if consolidation occurs, Ethereum could test resistance levels at $2,400 or $2,530.



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