ETH Price Hovers Near $2,465 as Analysts Predict Volatility Ahead

Ethereum (ETH) price continues to hover near $2,465 after being rejected at $2,513 resistance. This rejection has led to a nearly 2% decline in ETH's value.

The momentum indicators, including the MACD and RSI, are showing overbought conditions across the board, suggesting that buyers may be running out of steam.

Analysts have pointed out a significant gap between retail traders and smart money, with the former being 70.3% long while the latter is at 56.6% long. This 14-point gap is being closely watched.

The open interest has risen by 2.7%, despite the price fall of 2%, indicating new short positions are entering the market.

Analysts predict a 60% chance of a drop to $2,415 or $2,365 before any breakout, while a 40% probability suggests ETH could close above $2,513 on strong volume and potentially reach $2,632.