Ethereum (ETH) shows potential for a bullish recovery after closing last week with an inverted hammer candlestick. Despite a 6% drop in the last 24 hours, bringing its price to around $2,274, Ethereum's correction has slowed compared to August and early September declines. With a market cap of $273 billion and daily trading volume of $12.5 billion, Ethereum needs to hold its current support to prevent further losses.
Key support levels include a zone where 1.9 million addresses bought 52.3 million ETH between $2,290 and $2,360. Falling below this could see Ethereum drop to $1,800 or lower. The recent struggles of U.S. spot Ethereum ETFs, which have posted five consecutive weeks of losses, add pressure on ETH’s price.
Despite losing ground to Bitcoin, with the ETH/BTC pair down over 53% since September 2022, analysts are hopeful for a rebound. This recovery could trigger the anticipated altseason, bringing renewed momentum to Ethereum.
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