Ethereum Breaches 2,490 Support: Path Opens Toward 2,355 –…
By Karthik Subramanian
AI summary of the source article
Ethereum continues to fall after breaking out of a support zone between 2500.00 and the support trendline of its daily up channel from August. This breakdown accelerated an active minor impulse wave that initiated following a daily Japanese candlestick Shooting Star reversal pattern at the 2780.00 resistance level. Coupled with increasingly bearish sentiment across the broader cryptocurrency market and persistent outflows from US spot Ethereum ETFs, technical indicators suggest Ethereum is likely to fall toward its next support level at 2355.00, a level that reversed prices multiple times in September.
Why it matters
The breakdown below key support levels highlights sustained selling pressure in digital assets, intensified by ongoing capital outflows from US spot Ethereum ETFs.
Key facts
- Ethereum broke through the support zone between 2500.00 and the support trendline of its daily up channel from August.
- Technical analysis points to a potential decline toward the next support level at 2355.00.
- The downward move is accompanied by broader bearish crypto market sentiment and persistent outflows from US spot Ethereum ETFs.