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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Sep 16, 2024 05:52 UTC
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Ethereum Price Drops 6%, Eyes Major Rebound Ahead of Altseason
Ethereum has shown signs of slowing its price decline.
On-chain data suggests a strong support level at $2,290-$2,360.
A breach of this support could lead to a significant price drop.
Ethereum (ETH) is showing signs of a potential bullish recovery after closing last week with an inverted hammer candlestick. The large-cap layer-one (L1) network, with a fully diluted valuation of $273 billion and a daily trading volume of about $12.5 billion, saw its price drop 6% in the last 24 hours, trading at around $2,274 on Monday, September 16.
Despite the recent dip, Ethereum’s correction has slowed compared to the sharp declines seen in August and early September.
So, what should investors do
Key Support Levels to Watch
Technically, Ethereum needs to bounce from its current support to avoid further losses. On-chain data from IntoTheBlock shows that 1.9 million Ethereum addresses bought 52.3 million ETH between $2,290 and $2,360, creating a strong support zone.
If this support breaks, Ethereum could drop below $2,000, with the next key support level around $1,800.
ETF Struggles Affect Price
Even with the approval of spot Ethereum ETFs in the U.S. and other regions, ETH has struggled to find upward momentum. Recent data shows U.S. spot Ether ETFs have posted five straight weeks of losses.
In contrast, U.S. spot Bitcoin ETFs have performed better, putting more pressure on Ethereum’s price.
Altseason Ahead?
Ethereum has continued to lose ground against Bitcoin, with the ETH/BTC pair down over 53% since September 2022, reflecting Bitcoin’s increasing market dominance.
However, analysts believe Ethereum could be gearing up for a strong rebound, potentially sparking the long-anticipated altseason.
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