Ethereum's Slumping Trading Volume Raises $2.2K Price Risk

Ethereum's declining trading volume is putting pressure on the $2,516.96 price, which could lead to a test of the $2,200 support level if resistance is broken.

Wintermute transferred 61,847 ETH to Binance and Coinbase over the past three hours, contributing to the decline in trading activity.

The drop in open positions and trading volume has pushed the focus towards the $2,300-$2,350 price range, with analysts warning that if resistance is not overcome, Ethereum may revisit the $2,200 level.