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Ethereum Faces Uncertainty: Will It Break $2,460 or Fall Further?
The Ethereum (ETH) market is grappling with uncertainty as it approaches the critical resistance level of $2,460. Despite holding its position above the essential $2,100 support region, the cryptocurrency’s price action has sparked concerns about a potential drop.
ETH’s recent decline to $2,188.96, representing a 2.3% decrease over the past day, underscores the market’s volatility and increased risk aversion. The asset’s value against Bitcoin now stands at 0.02452 BTC, reflecting a 2.2% downturn compared to yesterday.
As ETH navigates this challenging juncture, its recent price movement suggests a struggle to maintain upward momentum. This trend could be attributed to broader market trends, macroeconomic factors, or profit-taking by traders.
One of the most significant hurdles facing Ethereum is the $2,460 resistance level, where 10.95 million investors have accumulated 64.52 million ETH. Breaking through this barrier will likely rekindle bullish momentum and possibly even lead to further price increases. However, a failure to overcome this obstacle could result in a deeper decline and potentially trigger increased bearish sentiment.
The cryptocurrency’s current situation is also influenced by the recent drop in Ethereum ETF inflows, which has led to over -30,000K withdrawals. This development raises concerns about an impending downward correction in ETH’s price. The weak demand stems from investors’ hesitation due to the widespread economic uncertainty across various sectors.
Source: https://cryptonewsland.com/ethereum-faces-uncertainty-will-it-break-2460-or-fall-further/
