The Ethereum price has tumbled 4% in the last 24 hours to trade $2425, on a 14% plunge in the daily trading volume $13.7 billion.
The drop in ETH price comes despite crypto analyst Michaël van de Poppe expressing optimism that Ether could soon test the upper side of its price range if it holds above the crucial $2,400 level.
Despite trading at $2,452, ETH is down 7.45% over the past month and 27.60% over the past year, partly due to market uncertainty following Israel’s airstrikes on Iran.
According to CoinGlass, the third quarter has been weak for Ether, averaging just 0.88% returns since 2014. Still, some experts believe a price reversal could be coming, supported by signs like the falling ETH/BTC ratio and large investor activity. On June 16, whales bought 1 million ETH, the biggest daily purchase since 2018.
Interest in spot Ether ETFs is also rising, with three straight days of inflows totaling $232.4 million. However, analysts caution that the next altcoin season may be weaker, so investors should be careful when picking altcoins.
Ethereum Price Struggles in Tight Range: Can Bulls Break Through?
ETHUSDT trading pair indicates signs of recovery after months of downward pressure, but it’s still stuck in a tight price range, leaving traders waiting for a clear breakout.
Earlier this year, ETH was trapped in a bearish channel, where prices kept falling with strong resistance along the way.
However, in May, Ethereum finally broke out of this downward trend, bringing some hope to investors. Since then, though, the price has mostly been moving sideways, with no strong trend up or down.
At the moment, the Ethereum price is trading around $2,418 after a small drop of 0.19%. The chart shows that ETH is stuck between $2,000 (major support) and $2,750 (key resistance). This zone has acted as a consolidation area for several weeks, with buyers and sellers battling it out.
Ethereum on the Edge: Will It Break Out or Break Down?
The $2,000 support level has held strong, preventing the price from falling lower. On the upside, $2,750 remains the big barrier that ETH needs to break to start a fresh rally. If buyers manage to push the price above $2,750, Ethereum could climb towards the $3,500 level, which is seen as the next major target.
However, if the price falls below $2,000, more downside could follow, with the next support near $1,750.
The Relative Strength Index (RSI), a tool that measures price strength, is currently at 46.53, showing that neither buyers nor sellers have full control. But the RSI has been slowly dropping, which may signal weakening buying pressure.
In short, Ethereum is stuck in a range. A clear break above $2,750 could lead to strong gains, while a drop below $2,000 might trigger more losses. For now, patience is key as the market waits for its next big move.
