Will the Ethereum price of $34,367,822,570 hold at $2,400 or drop further?

The cryptocurrency market has been hit hard, triggering widespread sell-offs and massive liquidations. According to CoinGlass, the industry has seen $458.61 million liquidated in just the past 24 hours. Ethereum has been the most severely affected, with liquidations amounting to $170.78 million, of which $157.03 million came from long positions and $13.75 million from short positions. This highlights the increasing uncertainty and volatility, leaving traders on edge, and the short-term price of ETH has become unclear. However, this ETH price analysis aims to clear the fog. Inflows to exchanges surge: Santiment's on-chain data paints a bleak picture. ETH is flowing into centralized exchanges at an unusually high rate, far exceeding outflows. This surge typically indicates that holders are preparing to sell, aligning with the liquidation wave that has just swept through Ethereum. The scale of these inflows suggests panic selling or aggressive profit-taking.

It is noteworthy that such behavioral shifts usually precede further downward pressure unless strong buying interest emerges. Before exchange inflows start to decline, Ethereum's price may still face significant selling pressure. This indicator suggests that short-term bearish sentiment dominates the market, and ETH bulls need to be cautious.

Ethereum (ETH) Price Analysis:

As of now, Ethereum is trading at $2,444.01, down 4.15% in the past 24 hours. However, trading volume skyrocketed by 44.75% to $20.99 billion, indicating high market activity, likely driven by the volatility caused by liquidations.

From a technical perspective, ETH's RSI is at 40.29, slightly above the oversold territory, which may indicate a short-term rebound. The 4-hour chart shows that ETH rebounded from the lower Bollinger Band at $2,371, forming a bullish hammer candlestick, indicating that buyers are gaining support at lower levels, which provides support for ETH's rebound.

However, ETH remains below the 20-period moving average, reflecting bearish momentum. Bulls must reclaim the resistance level at $2,495 to initiate a rebound. If this resistance level is not held, ETH may test the support level at $2,400 again. If you want to successfully break even, want to feast on profits, and want to double your account, be sure to position yourself ahead of Yuan Ge!