đĄïž Ethereum Holds the Line â Critical Support Zone Tested Again
Because Ethereum has plummeted over 14% since Wednesday, traders and long-term holders are worried. Bullish investors expected ETH to break over $3,000 and confirm a wider cryptocurrency rise days earlier.
However, global turmoil has slowed markets. Israel's assaults on Iran and retaliations shook global markets on Thursday, causing crypto asset volatility and risk-off.
Historical trends between August 2021 and early 2024 suggest that keeping $2,500 has led to rallies reaching $4,000. Rekt believes Ethereum must maintain consistency around this zone to prevent a deeper retreat and maintain bullish momentum.
ETH has held $2,500 over five weeks, proving its stability despite numerous testing. In the weeks ahead, altcoins and the crypto market will depend on whether Ethereum can maintain this footing again.
Ethereum fell sharply from $2,830 this week to $2,556. On the daily chart, ETH has been rangebound between $2,500 and $2,830 for weeks. Ethereum has held above the 50-day and 100-day moving averages, which are rising, despite international threats.
The red 200-day moving average at $2,642 has provided resistance. A retracement followed ETH's short break above this level, which it failed to keep. Recent volumes have increased due to heightened attention and emotive price responses in the Israel-Iran conflict.
The $2,500â$2,520 support zone is important. This region has been a floor before and might rocket bulls if they recover control. A clear fall below $2,500 might turn sentiment negative and lead to $2,300.
