Ethereum’s recent price action has raised concerns among traders as the cryptocurrency broke below a key support level. With Bitcoin also experiencing a correction, Ethereum is showing signs of further retracement. Analysts are keeping an eye on the $2,809 accumulation zone for a possible rebound, suggesting a deeper correction may occur before bullish momentum resumes.
Support and resistance levels play a crucial role in monitoring Ethereum’s price action. The recent breakdown below $3,593.46 has confirmed bearish momentum, with the price currently hovering around $3,297.19. The $2,809.48 support level is now in focus, and a successful hold at this level could signal a strong accumulation zone for long-term traders. Failure to hold this support may lead to further declines, potentially triggering broader market bearishness.
The Relative Strength Index (RSI) is indicating increasing selling pressure and waning bullish strength for Ethereum. As the RSI approaches the oversold threshold of 30, there is potential for a reversal in the bearish momentum. Traders should watch for a decisive RSI rebound above 40, which could indicate a recovery towards $4,108.05. Failure to see this rebound may result in Ethereum continuing its bearish trajectory.
Open Interest in Ethereum Futures contracts has been fluctuating, reflecting changing market sentiment. Following the break below the $3,593.46 support, Open Interest initially rose, indicating increased speculative activity as traders positioned themselves for further downside. However, as the price corrected to $3,318.41, Open Interest stabilized, suggesting reduced speculative pressure and potential market indecision. Monitoring Open Interest near the $2,807.13 support zone could provide insights into market sentiment and potential accumulation by long-term investors.
As external factors like Bitcoin’s correction continue to impact Ethereum’s performance, traders should exercise caution and closely monitor key levels and metrics. A bounce from the $2,807.13 support could reinvigorate bullish momentum, while failure to hold this level may lead to deeper corrections. Stay tuned for more updates on Ethereum’s price prediction for 2025–2026.
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