The cryptocurrency market has seen a slight recovery today, with the total market capitalization rising by 0.31%. While Bitcoin has surpassed the $80,000 mark, Ethereum (ETH) is trading above the $1,800 level. However, the market is still under the influence of global economic conditions, which have changed since the beginning of the Trump administration in the United States.
Ethereum's price is under pressure due to weak market momentum. Despite the market experiencing a short bullish wave in late 2024, Ethereum has failed to meet the desired expectations. Currently, the weak market momentum is affecting the price more significantly, pushing it towards further declines.
The spot ETF funds for ETH recorded outflows of $21.57 million yesterday. The BlackRock Ethereum ETF experienced net outflows of $11.82 million, while Fidelity’s ETH ETF recorded outflows of $9.75 million in a single day.
Warning of a potential collapse in Ethereum's price, renowned analyst Ali Martinez cautioned that the important support level for Ethereum is at $1,887, where investors have accumulated about 1.63 million ETH at this level. However, Ethereum is currently trading at $1,864, indicating that it may have broken this critical support.
