Ethereum is facing intense selling pressure despite a reported $500 million influx in spot ETFs since late January, as per BlockBeats’ analysis on February 10. The price of ETH has failed to recover significantly, signaling a strong market sentiment. Although gains from the post-election rally have been eroded, the persistent selling pressure persists.
Key Resistance and Support Levels for Ethereum
ETH has struggled to regain momentum, hovering around key support at $1,800. Should this level fail to hold, the next crucial support lies at $1,600. On the upside, breaking above $2,000 could indicate a potential trend reversal, with resistance at $2,200.
📉 Why Ethereum Faces Strong Selling Pressure
The lackluster performance of ETH despite ETF inflows can be attributed to lingering market uncertainty, profit-taking by investors, and a general bearish sentiment in the crypto space. Negative macroeconomic factors may also be contributing to the selling pressure on Ethereum.
⚡ What’s Next for Ethereum?
Traders and investors are closely monitoring Ethereum’s price action to determine whether it can break above key resistance levels and establish a positive trend. If selling pressure persists, ETH could test lower support levels, potentially revisiting the $1,600 range.
🤔 Should You Buy Ethereum Now?
Considering the current market conditions and the prevailing selling pressure on Ethereum, it may be prudent to wait for more clarity before entering a position. Traders should watch for decisive moves above $2,000 or below $1,800 to gauge the next directional move for ETH.
Will Ethereum recover from the selling pressure, or is a further downturn imminent? Share your thoughts below!
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