- Ethereum nears critical $2,300 support; holding this level may spark a relief rally, while failure could trigger deeper losses.
- Doctor Profit eyes $2,150–$2,300 for accumulation, reinforcing EMA200 Weekly as a key pivot for potential price reversals.
- Sellers dominate, pushing ETH lower; strong buying volume is needed at EMA200 Weekly to reverse the bearish momentum.
Strong selling pressure is pushing Ethereum (ETH) closer to a critical support level. The cryptocurrency is now down 4.75% for the session, trading at $2,395.54. A local peak has been reached, followed by a notable downturn.
With Ethereum reaching a session high of $2,532.60 and a low of $2,322.74, volatility is still strong. One important technical support zone is the 200-week Exponential Moving Average (EMA200 Weekly), which is at $2,300. If this level is maintained, a relief rally may be initiated. But more losses could result if you don’t stay above this zone.
Doctor Profit’s Take on the Market
Doctor Profit emphasized the importance of EMA200 Weekly in his recent analysis. He placed substantial USDT spot orders between $2,150 and $2,300. He hopes the market revisits this range to accumulate more. The importance of this support level for any price reversals is highlighted by his approach.
Source: Doctor Profit
Ethereum’s price is forming a pattern of lower highs and lower lows. This signals continued bearish momentum. Historical data shows a strong bullish phase before the reversal into a sustained downtrend. The EMA200 Weekly has acted as a strong support level in the past. If Ethereum holds above it, a short-term bounce could occur.
Moreover, candlestick patterns indicate liquidity grabs, with price wicks suggesting attempts to reclaim higher levels. However, selling pressure remains dominant. The broader trend suggests that Ethereum needs strong buying volume to reverse its current downward trajectory.
Volume and Moving Averages Indicating Market Strength
Volume analysis shows that sellers are in control. This has led to continued downside pressure. The moving averages serve as dynamic support and resistance levels. Traders are paying close attention to how Ethereum reacts at EMA200 Weekly. Additionally, if buying interest increases at this level, Ethereum may see a short-term recovery. However, a breakdown below this region could open doors to lower support zones.
