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Ethereum (ETH) 
$2,551, the largest altcoin by market capitalization, continues to experience a downward trend as it begins the year with losses. Over the last 24 hours, ETH has lost 3.5% of its value, dropping to $2,620. As selling pressure rises, the price approaches critical support levels. According to technical analysis, if ETH cannot maintain its current levels, it could fall to as low as $2,120.
Ethereum Analysis: The Downward Trend Persists
For the past two weeks, Ethereum has been fluctuating between $2,565 and $2,800. However, this latest drop has brought the price close to the lower boundary of this consolidation zone. If ETH breaks below the $2,560 level, selling pressure may increase, potentially driving the price down by 15% to $2,120.
Technical indicators show that the downward trend is ongoing. ETH is currently trading below the 200-day Exponential Moving Average (EMA), indicating that bears still control the market. This area is crucial for determining the direction of the largest altcoin, and investors are watching it closely.
What Are ETH Traders Doing?
Currently, there are mixed signals in the ETH market. According to Coinglass data, $68 million worth of ETH exited exchanges in the last 24 hours, suggesting some investors are looking at long-term acquisitions. However, overall market sentiment remains bearish.
On the other hand, bears appear to dominate the futures market. At the $2,650 level, there are $121 million in short positions, while at $2,605, $90 million in long positions exist. The higher short positions indicate that ETH’s downward movement may continue.
As current volatility in ETH prices captures the attention of investors, market direction remains uncertain. In the coming days, whether the $2,560 support level holds will be critical for the future price of ETH.
