Ethereum Price Analysis: Is $2K Next as Coinbase Premium Hits Yearly Low?
📉 Ethereum's price has dropped to around $2.2K after a significant sell-off from $2.8K, entering a crucial demand zone that may determine its next move.
🔍 The Coinbase Premium Index has hit its lowest level in over a year, indicating weak demand from US investors, which aligns with the ongoing downtrend in ETH's price.
🔄 If the $2.2K support holds, a potential recovery towards $2.5K could occur; however, a close below this level may lead to further declines towards the $1.9K region.
📉 Ethereum's price has dropped to around $2.2K after a significant sell-off from $2.8K, entering a crucial demand zone that may determine its next move.
🔍 The Coinbase Premium Index has hit its lowest level in over a year, indicating weak demand from US investors, which aligns with the ongoing downtrend in ETH's price.
🔄 If the $2.2K support holds, a potential recovery towards $2.5K could occur; however, a close below this level may lead to further declines towards the $1.9K region.