Ethereum Price Stabilizes Near $2,673 as Analysts Watch Key Support Level
Ethereum's price is currently trading near $2,673 as buyers attempt to hold onto recent gains. The cryptocurrency had climbed towards $2,800 before selling pressure pushed it lower.
The key area of focus for traders is the $2,530 to $2,600 zone, a former resistance level that has now been tested as support several times. Analysts are watching this range closely, with some predicting a move higher and others warning of potential liquidation-driven drops.
RektProof believes Ethereum could rise towards $3,000 before pulling back to around $2,300. Meanwhile, IncomeSharks sees a possible quick drop to $2,100-$2,200 that could turn out to be a fakeout.
Celal Kucuker has warned of potential 20% liquidation-driven drops if leveraged long positions start to unwind. However, institutional demand remains strong, with US spot Ethereum ETFs recording net inflows of $104.5 million on September 23.