Ethereum has been trading at a low level as it failed to regain the $2,500 mark, leaving the market uncertain about its next move. Analysts remain split and ETH price action remains unstable, with some looking for a continuous decline, while others see potential signs of recovery at key support levels.
Top analyst Ali Martinez shared GlassNode’s on-chain data and revealed that the number of Ethereums, which hold 10,000 ETH, fell to 919, down from 999 in late February. This suggests that whales sell frequently during the latest fixes that are likely driven by fear and fluidity issues. The surrender of major players is often a sign of weakening, showing uncertainty among institutional investors and raising concerns about further negative side risk.
Balance > Number of addresses in 10k | Source: Ali Martinez in XDespite this wave of sales, Ethereum holds its main demand level at around $2,200, suggesting a potential reversal may be forming. If ETH can stabilize at this level, it could potentially gain momentum for rebounds in the coming weeks.
The next few weeks will be important for ETH price action. If the Bulls regain control, Ethereum could try another push to $2,500 or more. However, if you can’t keep your current level, another leg will drop, extending the bear phase and allowing you to keep the trader.
Price Action Details: Important Levels to Watch
Ethereum (ETH) is currently trading at $2,300 and is stuck in range as it is above $2,500 or below $2,000. The market remains uncertain and volatility is swinging ETH prices up and down, preventing a clear trend from forming.
Pushing above the $2,500-$2,600 range is essential for the Bulls to confirm recovery rally. Reclaiming this zone can show strong buying momentum and change feelings in the bull’s favor. Without this movement, Ethereum risks continuous integration or another leg lowering.
For now, however, the main focus is to maintain a demand level of $2,200. This major support zone ensures that ETH does not drop, but if it fails, sales pressure could be increased and Ethereum could push towards the $2,000 level.
With market uncertainty still high, traders are monitoring whether ETH can stabilize over $2,200 or gain momentum towards a higher level of resistance. Volatility is expected to continue until Ethereum breaks out of current range, with both bulls and bears paying attention to the next major price movement.
Dall-E special images, TradingView chart
