Ethereum’s price is at a decisive juncture, with analysts closely monitoring key support and resistance levels.
Market Value to Realized Value (MVRV) pricing bands indicate that Ethereum’s realised price stands at $2,060, but with the asset struggling to maintain this level, the next critical support point is $1,440.
The altcoin’s market strength appears to be weakening as it hovers near its lower boundary deviation point.
With increased bearish pressure, the coming days will be crucial in determining whether Ethereum will stabilise or extend its downtrend below $1,500.
The broader crypto market sentiment remains cautious, with traders paying close attention to price action signals.
Recent indicators suggest that Ethereum’s market structure is deteriorating, raising concerns about potential downside movement.
As the asset tests significant thresholds, its ability to reclaim lost ground will be pivotal in shaping near-term trends.
ETH transactions spark selling fears
Recent blockchain data reveals that major transactions involving Ethereum have intensified.
Notably, the Amber Group, a well-known crypto trading platform, recently transferred 20,000 ETH—worth approximately $37.34 million—to centralised exchanges, including Binance, OKX, and Gate.io.
Amber Group deposited 20,000 $ETH($37.34M) to #Binance, #OKX and #Gateio ~40 mins ago.
intel.arkm.com/explorer/entit…
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Such movements are often interpreted as a precursor to increased selling pressure, as large-scale transfers to exchanges typically signal potential liquidation.
The impact of these transactions on Ethereum’s price remains a point of speculation. Historically, an influx of ETH to trading platforms has led to short-term price declines as liquidity increases.
However, some analysts argue that these transfers could be part of internal rebalancing strategies rather than an outright sell-off.
Nonetheless, the timing of these transactions, amid heightened market uncertainty, has fuelled speculation about Ethereum’s next move.
Bullish patterns hint at reversal
Despite the prevailing bearish sentiment, Ethereum has formed a bullish diamond pattern, a technical setup that indicates a potential breakout.
This pattern suggests that Ethereum’s price may be on the verge of a surge if resistance levels are breached.
If buyers regain control, the asset could witness accelerated upward momentum in the coming sessions.
On the downside, if Ethereum fails to hold above its critical support levels, further declines may be imminent.
Recent projections indicate that the altcoin could drop below $1,500 and potentially test the $1,250 level if selling pressure intensifies.
Crypto market watchers note that Ethereum has slipped out of a parallel channel—a bearish signal often associated with extended downtrends.
However, in the past 24 hours, Ethereum has demonstrated resilience, rising from $1,814.50 to $1,915.13, reflecting a 6% increase despite declining trading volume.
Lunar cycles and volatility
Unusual market factors have also entered the discussion, with some analysts pointing to the upcoming Blood Moon Lunar Eclipse as a potential volatility trigger.
While historical trends suggest that lunar cycles have occasionally influenced crypto price action, their reliability as market indicators remains debated.
Some traders anticipate a bullish reversal, citing past instances where Ethereum rebounded following similar astronomical events.
Others remain cautious, warning that panic selling could ensue if Ethereum remains in oversold territory.
As market conditions evolve, traders and investors will closely monitor Ethereum’s ability to maintain critical support.
Whether the altcoin can recover or faces deeper corrections will likely depend on upcoming market catalysts and broader investor sentiment.
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