Ethereum Support Cluster at $2,544 Threatens to Trigger Larger Slide
Ethereum's price dropped to $2,646 on Thursday, down from its opening level of $2,684.09 and extending a pullback that started when it stalled at $2,786 in an attempt to clear $2,800.
The move is part of a broader trend in the market, with the 10-year Treasury yield climbing to 5.15%, its highest since July 2007, and the 10-year real yield reaching 2.76%, up from 2.63% on Wednesday.
This sharp increase in yields has led to a rate shock that is flushing out leveraged traders, but Ethereum's native yield of around 3% is providing some support for the coin, allowing it to hold up better than Bitcoin during this month's rate repricing.
The key level to watch is the $2,544 to $2,563 support cluster, where horizontal support meets the 20-day and 100-week moving averages. A break below this level could signal a longer stretch of restrictive policy and put Ethereum on track for a slide toward $2,368.