The cryptocurrency market has entered a new phase with increasing volatility as the month-end approaches. Bitcoin (BTC) 
$108,786 has dipped below $96,000, while the leading altcoin, Ethereum (ETH) 
$2,541, has maintained its price around $2,700, demonstrating a different market behavior. This raises the possibility that the largest altcoin could sustain its strength against the overall market decline. However, experts caution that this rise could be a short-term trap.
Factors Influencing Ethereum’s Price
One of the primary factors contributing to Ethereum’s rise is the $49.5 million hack of a crypto-focused neobank named Infini. The stolen funds were converted to DAI and used to purchase Ethereum, creating significant buying pressure in the market. This demand pushed the price of Ethereum to a high of $2,840, but selling pressure quickly followed at this level.
Reports indicate that a large sell-off of Ethereum by Binance negatively impacted the price. The reasons behind these selling activities remain unclear. Some perceive this as typical price manipulation seen at the week’s beginning, while others suggest it may be part of a broader strategy by major players in the market.
Key Levels for Ethereum’s Price
Ethereum has been trying to hold onto a support zone that has remained strong for the past five months. Last weekend, ETH tested the $2,772 level but failed to maintain momentum and retreated. It is currently attempting to hold the $2,700 support level, although price movements indicate that buying pressure is diminishing.
Technical indicators also confirm the current state of the market. The Chaikin Money Flow (CMF) index has sharply declined below zero, indicating weakening market strength. Additionally, the Directional Movement Index (DMI) lines, -DI and +DI, have begun to separate again after coming close together, which could signal a potential downturn.
The most critical support level for Ethereum is identified at $2,650. If the price cannot hold at this level, it may drop to the range of $2,567 to $2,541. However, a rebound may occur towards the $2,772 resistance before a decline reaches these lower levels.
