Ethereum Price Analysis: ETH Must Reclaim These Levels to Reverse Bearish Momentum
🔻 Ethereum is facing challenges to regain momentum after a failed breakout attempt, with current trading around $2.25K and a critical support level at $2.2K that could determine market stability.
📉 The asset has broken below its ascending channel, indicating a medium-term deterioration, and sellers have turned previous support at $2.5K into resistance, complicating bullish prospects.
📊 On-chain analysis reveals a significant drop in wallet activity, with transaction counts nearing yearly lows, suggesting a lack of demand and leaving the $2.2K support as a crucial level for buyers to defend.
🔻 Ethereum is facing challenges to regain momentum after a failed breakout attempt, with current trading around $2.25K and a critical support level at $2.2K that could determine market stability.
📉 The asset has broken below its ascending channel, indicating a medium-term deterioration, and sellers have turned previous support at $2.5K into resistance, complicating bullish prospects.
📊 On-chain analysis reveals a significant drop in wallet activity, with transaction counts nearing yearly lows, suggesting a lack of demand and leaving the $2.2K support as a crucial level for buyers to defend.