#Ethereum 🔥Ethereum in Steep Correction: Will $2,000 Hold or Break?😳💥
Ethereum (ETH) is nearing the $2,000 psychological support level, raising concerns about a potential breakdown as ETFs continue to register outflows.
#EthereumNews As Bitcoin witnesses a quick pullback under $83,000, Ethereum is close to testing its $2,000 psychological mark. With a pullback of nearly 12% in the past 24 hours, the Ethereum market cap is down to $252 billion.
#EthereumETFApprovalExpectations However, the market crash in late February resulted in a second-range breakdown with a pullback towards $2,100. The announcement of the U.S. Crypto Reserve led to a quick V-shaped reversal to retest the broken $2,500 level.
#ETHEFTS However, the bullish failure to hold the trend momentum led Ethereum to take a bearish exit quickly. The downfall in Ethereum has accounted for nearly a 15% pullback. Currently, ETH is trading at a market price of $2,093.
#ether $ETH The declining trend has resulted in a pullback in the Chaikin Money Flow Index from 0.32 to near the zero level. This hints at a significant reduction in buying pressure.