After having experienced a flash accident at $ 2,125 on February 2, Ethereum (ETH) quickly rebounded at a summit of $ 2,905, triggering liquidations for long and short positions in the midst of a very volatile negotiation period. While the token currently oscillates about $ 2,700, the Crypto Ali Martinez analyst identified a level of critical support which must contain Ethereum to maintain his bullish momentum.
Ethereum must maintain this level of support for the bullish momentum
In a job On X today, the experienced analyst of cryptography Ali Martinez identified the price range of $ 2,238 at $ 2,614 as the largest support zone in Ethereum. According to Martinez, around 12.18 million cryptographic portfolios acquired 63.07 million ETH in this range. The analyst also underlined:
It doesn’t matter that Ethereum is an inflationary, deflationist or other. What really matters is if it has this level of support.
To understand why this price level is important, it shows that a large number of investors and traders bought ETH in this range. When a large number of portfolios hold assets at similar price levels, this creates a support area because these holders are less likely to sell at a loss, thus providing a floor for the price.
Support levels also have a psychological weight in trading. Investors who bought ETH in this range tend to perceive it as an equitable assessment, increasing the probability that they defend this level by holding or accumulating more ETH. This collective feeling can ensure stability and potentially prevent deeper price reductions.
Crypto analyst TED echoes similar feelings concerning the trajectory of Ethereum prices, saying that long -term perspectives remain positive. Ted pointed out:
Ethn Always holding the upward trend line and recently rebounded by a crucial level of support. At the same time, Blackrock buys an eth -dollar eth -eth -eth value, which will soon reflect in its price action. $ 10,000 + ETH is scheduled for this cycle.
In addition, Martinez highlighted The emergence of a potentially optimistic opposite motif on the daily graphic of Ethereum. For this scheme to validate a bullish Breakout, ETH must maintain support over $ 2,700. In case of success, the next rise in the upward target could extend up to $ 7,000.
Could Ethereum Price go down?
Despite these bruise indicators, concerns persist about the action of Ethereum prices, because the digital asset has considerably underperformed compared to cryptocurrencies such as Bitcoin (BTC), SU and XRP during the last year. A recent report Indicates that great ETH holders can gradually lose confidence in the assets.
In addition, a recent analysis suggest This Ethereum can be at risk of prolonged slowdown in the coming days. At the time of the press, ETH is negotiated at $ 2,774, down 0.9% in the last 24 hours.
Star image of Unsplash.com, X charts and tradingView.com
