Ethereum still struggling despite a positive rebound this week

ETH’s price continues to be pressured by sellers, as seen by the decline on the daily chart. The top altcoin’s price action indicates it is approaching a critical threshold. Should buyers—or “bulls”—fail to hold this support level, the asset may drop as low as $1,800 or even lower.

Institutional investors are deleveraging their exposure to the digital asset. Jump Trading has been involved in selling substantial amounts of Ethereum cryptocurrency over the past few trading days, Jump Trading claimed 11,501 ETH on the liquid staking platform Lido Finance, valued at over $30 million, according to Lookonchain data.

On the same platform, the business also intends to repurchase an additional 19,049 ETH, valued at over $50 million. Ethereum will likely come under further pressure because these quantities are sold on secondary markets.

The super altcoin experienced multiple corrections recently, including the “Black Monday” crash, much like the entire cryptocurrency market.
Recall, Ether fell to $2,250, the lowest level since January, and is now further below its $4,900 peak.

By recovering slightly from the previous day’s decline to $2,500 on Tuesday, ETH was able to stave off a decline below $2,000 altogether.

Ethereum, currently trading at $2.6K is at a critical level corresponding to the 61.8% Fibonacci retracement, according to recent price action. Ethereum may drop to the $2,072 78.6% Fibonacci retracement line if this support is broken. There may be a retreat towards $1,500 if this level is broken.

The most recent technical indicators affirm the $3,500 mark represents the resistance level for ETH.
At this point, though, the price has been turned down. This implies that the weakness will persist. The cryptocurrency may retest its $2,000 support line if this pattern holds.

Ethereum might not necessarily suffer from a return to $1,500, but it might offer an intriguing buying opportunity. At this point, it is likely a significant accumulation of positions at this level, can push Ether to all-time highs. His findings indicate that ETH may be able to achieve its technical goal of more than $10,000 by 2025 during this accumulation phase.