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Ethereum is facing heavy selling pressure, bringing its price below $2,310. The crypto market remains weak, raising concerns about a deeper correction. Analysts are closely watching the $2,000 support level, which could determine Ethereum’s next move.

With a falling channel pattern in play, the question is: Will Ethereum stabilize or continue its decline?

Ethereum Approaches a Critical Support Zone

Ethereum remains in a falling channel, reflecting a persistent bearish trend. After slipping below $2,400, it is now testing $2,224—a key level. If this support fails, a sharper drop toward $2,000 could follow.

📉 Technical Indicators:
✔ MACD: Shows a bearish crossover, indicating momentum favors the downside.
✔ RSI: Still above oversold levels, suggesting a potential short-term bounce.

While some traders expect a rebound, others remain cautious about further losses.

Analysts Predict a Possible Ethereum Rebound

🔍 Wyckoff Accumulation Pattern
Crypto analyst Titan of Crypto sees a Wyckoff accumulation pattern forming on Ethereum’s weekly chart. Price rejections around $2,139 indicate strong demand at lower levels. A similar setup in the past led to a strong recovery, boosting bullish sentiment.

#Ethereum Wyckoff Check – Accumulation Pattern ✔️

The Wyckoff Check is a retest of a key level after a breakout, often confirming trend continuation.

On the weekly chart, #ETH seems to be doing just that.

If this level holds → Potential Spring and rally continuation.📈 pic.twitter.com/PbH9ekY1cS

— Titan of Crypto (@Washigorira) February 27, 2025

📈 Bullish Divergence Signal
Another analyst, Ted Pillows, points to a bullish divergence in the three-hour chart. This pattern suggests selling momentum is slowing, which could lead to a short-term rally. If Ethereum gains strength, the price may climb toward the $2,600–$2,700 range.

$ETH bullish divergence.

I'll keep pointing out bullish signs for Ethereum, whether you like it or not.

A short-term rally towards $2,600-$2,700 looks possible. Let's hope it's not a dead cat bounce. pic.twitter.com/p1D68sP7Nv

— Ted (@TedPillows) February 27, 2025

📊 Options Market Shows Optimism
Despite the bearish trend, derivatives data hints at bullish sentiment:
✔ Put-to-call ratio: 0.46, showing confidence among options traders.
✔ Key strike levels: Between $2,200 and $3,100, signaling expectations of a recovery.

Final Thoughts

Ethereum’s next move depends on whether it holds the $2,000 support or faces a further decline. While technical indicators show weakness, historical patterns and options market trends suggest a potential rebound.

Will Ethereum bounce back, or is a deeper correction coming? Share your thoughts!