ETH's Crucial Support Level: $2,314~$2,435, Holds Key to Price Stability
CryptoNewsTerminal Staff09 Aug, 2024
ETH's Crucial Support Level: $2,314~$2,435, Holds Key to Price Stability
Crypto analyst and trader Ali Martinez has pinpointed a crucial zone of support for Ethereum (ETH) as it navigates current market conditions. According to Martinez, the range between $2,314 and $2,435 holds significant importance as it represents an area where "2.14M addresses bought 51.67M $ETH." ETH's price has been under pressure recently, mirroring the broader market trend. However, the $2,314~$2,435 zone could provide a much-needed buffer, preventing further significant declines. If ETH can hold above this support level, it could pave the way for a recovery in the coming days and weeks. Conversely, a breakdown below this zone could lead to further price weakness. Traders and investors will be closely monitoring ETH's price action in relation to this crucial support area. Should ETH break below this zone, it could signal a potential trend reversal. However, if ETH can hold above this level, it will indicate that there is still strong underlying support for the cryptocurrency.
