Ethereum Price Bounces off $2,500 But Fading Spot Demand Raises Concerns

Ethereum has reclaimed the $2,500 price level but spot demand for the asset is starting to fade. According to market analyst Ted Pillows, spot demand has weakened across major cryptocurrencies, first in Bitcoin and then in Ethereum.

A close above $2,560 could target $2,750, but buyers now face softer spot demand and renewed interest-rate concerns from the FED's and the Bank of Japan's outlooks.

Roughly 2.86 million ETH previously changed hands around the on-chain support area near $2,475, which Ethereum is currently holding onto.