Key Notes
- Amid enough demand, ETH could reverse its current direction, staging a rally to $4,000-$5,000.
- Large investors, including Abraxas Capital and Ethereum whales, have significantly increased their holdings, with over 450,000 ETH accumulated in the past month.
- The ETH/BTC ratio has rebounded 38% from its five-year low, indicating Ethereum may be undervalued relative to Bitcoin.
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Following strong gains to $2,700 last week, Ethereum is facing a pullback as the ETH price plummets 5% in the last 24 hours, slipping under $2,500 levels. This pullback comes amid a broader crypto market decline with investors evaluating as what happens next.
Ethereum Price Pullback, Analysts Eye $1,800 as Key Support Zone
Popular analyst Crypto Patel believes that Ethereum price could see a potential pullback following its rejection near the $2,500 Fair Value Gap (FVG) zone. The analyst further added that ETH is now entering a…
