The price of Ethereum has been declining and has almost wiped out all of its gains since the beginning of 2024. However, recent developments in the past 24 hours suggest that the drop may have stopped and there is a possibility of a new uptrend in the coming months if the $2,100 support level holds. The 4-hour chart shows that the price has bounced off the $2,100 support zone and has been gradually climbing. While the momentum is still weak, there may be an impulsive move towards the $2,700 resistance level. On the other hand, on-chain analysis raises concerns as the Ethereum exchange reserve is increasing, which indicates selling pressure. When the exchange reserve has risen above its 30-day moving average in the past, a price drop has followed. Therefore, there is a possibility of a further price drop in the short term if there is not enough demand to meet the supply.



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