Ethereum needs to rise to $ 2,000 for a bullish breakout

Ethereum ETH $1,837.09 Bridged Ether (StarkGate) -2.20% Market capitalization $0.16 billion VOL. 24 hours $0.73 billion is under pressure from the bear market, so, according to crypto experts, the $ 2,000 support level is becoming critical for its further movement. If the price does not hold at this level, ETH could fall to $ 1,850 or even lower.

Over the past day, the Ethereum rate has dropped by 1.59%. The trading volume increased by 136%, which indicates significant investor interest, but the general sentiment remains pessimistic. Analysts warn that ETH is breaking out of the parallel channel, which usually signals a further decline.

The market saw a massive closure of long positions, with more than $ 230 million liquidated. This led to a sharp drop in the price to $ 2,025. In addition, more than $ 120 million has been withdrawn from exchange-traded Ethereum-ETFs over the past week, indicating a decline in confidence among large investors.

Current technical indicators show an ambiguous situation: the Relative Strength Index (RSI) is at 46.98, which indicates a neutral market. At the same time, the MACD remains in the negative zone, signaling a bearish trend.

For Ethereum to return to growth, it needs to break through resistance at $ 2,250. If it succeeds, the price may move to $ 2,400−2,500. If the price falls below $ 2,000, it may continue to fall to $ 1,850 and even $ 1,250 if negative trends intensify.