Ethereum’s Bearish Trend Points to Possible $2,400 Support Level
- Ethereum price has been in a bearish trend since early October, struggling to maintain significant levels.
- Market analyst Ali Martinez suggests a potential bearish continuation for Ethereum with a target of $2,400 based on the bear flag pattern.
- On-chain data indicates that Ethereum whales acquired their holdings near the $2,400 level, which could act as a price cushion.
- Historically, Ethereum has seen major recoveries after approaching whale acquisition prices.
- As of now, Ethereum is valued at $3,086, marking a recent decline of about 4%.
The current analysis suggests that Ethereum may continue its downward trend towards the $2,400 level due to insufficient liquidity in preceding regions. The historical buying patterns of whales further support this potential price point as a significant level for future recovery.
Given Ethereum’s current valuation and past trends near whale acquisition prices, investors are closely monitoring the possibility of another bullish rally if the price nears $2,400 again. (Source)
