Ethereum Holds Ground at $2.4K as Bears Regain Control
Ethereum (ETH) is currently holding at $2.4K, but the selling pressure is accelerating to the downside.
The price has moved between $2,357 and $2,417 over the past day, while the seven-day range stands at $2,357-$2,558.
From an Elliott Wave perspective, ETH appears to be completing daily Wave 3, leaving a potential Wave 4 correction between $2,112 and $2,222. This suggests that a short-term pullback toward $2,300-$2,200 remains possible, with the $2,324 0.236 Fibonacci level offering an earlier potential support area.
A daily close below $2,050 would invalidate this Wave 4 structure, but the overall market trend of Ethereum is strictly bearish, and the MACD line is found below the signal line, indicating strong bearish momentum across both the short-term and long-term timeframes.