Ethereum Faces Key Test at $2,800 as Exchange Supply Falls
Ethereum ($ETH) has reached a crucial juncture in line with the on-chain outlook. Hence, Ethereum’s price action is experiencing compression along with plunging exchange supply. As per the data from CryptoOnchain, this structure elevates the risk of a likely breakdown below the support level of $2,800. This zone has repeatedly served as a solid defensive line for $ETH bulls.
Ethereum Faces Mounting Technical Pressure around Support at $2,800
The latest market data reveals that Ethereum ($ETH) is standing at a crossroads of minimizing exchange supply and rising price compression. In this respect, the descending triangle pattern in addition to the downtrend resistance is posing notable pressure. As a result, $ETH is facing a considerable risk of dropping below the $2,800 support mark.
Apart from that, the on-chain data suggests the Ethereum’s drying up liquidity on top crypto exchanges. Thus, the combination of weakening technical metrics and solid on-chain signals could lead toward heightened volatility over the next few weeks. Additionally, while lower highs are pressing against the support near $2,800, this scenario normally leans bearish, with sellers test the buyers’ resilience at crucial levels. So, a decisive breakdown below the aforementioned mark could pave the way for more retracements.
Critical Juncture Presents Bull-Bear Battleground Amid Decreasing Liquidity
According to CryptoOnchain, the Exchange Supply Ratio of Ethereum has dipped to 0.032 on Binance. This underscores the bottom level since 2024’s September. Such dips have severally led to supply shocks, where decreased exchange liquidity backs swift price appreciation after the return of demand to the market. Overall, this critical juncture of Ethereum ($ETH) presents a bull-bear battleground where bears push for a slump below $2,800 while bulls can leverage minimizing supply to commence a rally.
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