Ethereum Tests $2,900 Support: Bearish Market Meets Investor Optimism
The Essentials in Brief
Ethereum (ETH) has recently tested the support mark of 2,900 US dollars again, which could cause unrest among investors. However, despite the short-term price drop below this critical threshold, there are several reasons why investors should remain optimistic. Experts predict an imminent recovery, with network activity and “smart money” sending positive signals. However, short-term volatility is to be expected before a sustainable upward movement sets in.
Technical Analysis and Market Perspective
The technical analysis shows that Ethereum currently has a bearish market structure, with a possible decline to 2,600 US dollars before significant support is expected. The Relative Strength Index (RSI) and the On-Balance Volume (OBV) suggest further losses. Nevertheless, the bulls are stubbornly defending the 2,900 US dollar mark, which is also the 61.8% Fibonacci retracement level since April, giving hope for an imminent recovery.
Potential for Short-Term Volatility
Over the past six weeks, a cluster of liquidation levels has formed around the 2,800 US dollar zone, suggesting that the price could be drawn into this area before a reversal occurs. This area could serve as short-term support and, with appropriate demand, be a signal for swing traders to enter long-term positions.
Network Activity and Smart Money
Despite the decline in network activity in recent months, “smart money” movement indicators show a bullish signal. This suggests that experienced investors could see the current weakness as a buying opportunity, which could form the basis for the expected recovery.
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Our Assessment
Although the price of Ethereum has recently fallen below the important mark of 2,900 US dollars, the underlying indicators and market structures show that this may only represent a short-term correction. The defense of the 2,900 US dollar mark and the positive signals from smart money investors could pave the way for an imminent recovery. However, investors should be prepared for short-term volatility and possibly use this as an opportunity to strengthen their positions. As always, it is important to conduct your own research and follow a diversified investment strategy.
Sources: AMBCrypto, ChainLink, Altcoin, Memecoins, Solana, News, Japan.
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