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Ether prices are at a critical point that bulls need to defend to prevent another major dump.
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Summarize with AI
Summarize with AI
“ETH decision time here,” said analyst “Daan Crypto Trades” on Monday in reference to a critical price zone that needs to be defended.
Ether is trading above a significant $2,800 level, which has acted as a strong support and resistance throughout this entire cycle, he observed.
Earlier this year, this price level served as resistance before the asset finally broke out in July. In 2024, it served as support during the Ether rally.
Bulls Currently Defending
A break below this level could see ETH prices crash to the next major support zone, which is around $2,170. Resistance currently lies just above $3,400, making it the next target for the bulls.
Ether has begun a recovery from its Friday dip below $2,700, tapping $2,980 in late trading on Monday, but it failed to top the psychological $3,000 barrier. The asset was trading at $2,930 at the time of writing, down 40% from its all-time high three months ago.
Meanwhile, spot Ether ETFs have seen a reversal in flows following an eight consecutive trading day outflow streak. BlackRock’s ETHA fund scooped up $88 million worth of the asset on Monday, making the aggregate flow positive again.
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Ether DATs Hodl On
Ethereum digital asset treasuries are also continuing to accumulate and didn’t panic sell like the weak-handed retail traders. Tom Lee’s BitMine scooped around 70,000 ETH during last week’s market rout, bringing its treasury to a milestone 3% of the total supply. Its stock also surged nearly 20% on Monday as the asset started to recover.
Ether DATs now hold more of the asset than ETFs, with 6.36 million ETH or 5.26% of the total supply, according to StrategicEthReserve.
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Source: https://cryptopotato.com/ethereum-hovers-at-make-or-break-price-level-that-defined-entire-cycle/
