The price of Ethereum (ETH) is declining below the $2500 level as the market awaits the decision of the U.S. Federal Reserve, with traders assessing whether the key support at $2300 will hold to avoid further declines.
Key points:
- Current performance:
- The price of Ethereum is currently trading around $2482, down 1.8% from its weekly high ($2588).
- The Parabolic SAR indicator indicates a bullish signal at $2722, but the current trend shows caution with consecutive declines.
- Technical indicators:
- The RCI Ribbon indicator shows a short-term bearish divergence, signaling a temporary shift in sentiment.
- The critical support level at $2339 may determine the path: breaching it could push the price towards $2100.
- Derivatives data:
- Trading volume decreased by 34%, with a slight increase in open positions ($30.94 billion).
- The long position ratio (2.7x) among major traders shows optimism, but increases the risk of rapid liquidation if the trend changes.
- Potential risks:
- Liquidation of positions worth $64.37 million within 24 hours (55% of which are long positions).
- Breaching $2300 could accelerate the decline towards $2100, especially with weak liquidity.
Summary:
Despite long-term optimism (such as ETF fund forecasts), the support at $2300 remains a critical factor to avoid a sharp downward wave. Federal decisions and the determination of ETF funds (expected on June 16) may soon set the market direction.