Ethereum Price Stabilizes at $2,400 Amid Deeper Correction Fears

Ethereum's price has stabilized around $2,400, prompting traders to ponder whether a more significant correction is imminent.

Crypto trader CrediBULL Crypto noted that Ethereum initially reacted positively from its local demand zone at $2,440 but failed to establish a higher high, resulting in a decline below the demand area and into a cluster of equal lows around $2,360.

CrediBULL suggests that if Ethereum sweeps through these lows, it could potentially make the next upside move more sustainable by removing downside liquidity.

Heavily-followed trader Crypto Patel also flagged further downside risk after ETH rejected the $2,550 to $2,660 resistance zone and retreated from its recent high. Patel identified three potential downside levels, with $1,800 being a key area of concern if the correction deepens.