"ETH Hovers Near $2,350: 2M Investors at Risk of Losses"

Ethereum, the second-largest cryptocurrency by market capitalization, is currently at a critical juncture with its price hovering near $2,350. A significant number of ETH holders, approximately 82%, are currently in profit. However, a break below the $2,345 support level could push over 2 million investors holding 58.88 million ETH into losses, intensifying market sell pressure.

Ethereum's price chart indicates a bearish trend in the short term, with the 50-day Moving Average (MA) at $2,678 and the 200-day MA at $3,271. ETH faces immediate resistance around $2,400, with stronger resistance at $2,500. If bullish momentum builds, reclaiming these levels could shift market sentiment positively. On the downside, losing the $2,345 support level would push ETH into a vulnerable zone, where the next significant support sits at around $2,250.

On-chain metrics signal caution for Ethereum. Data from IntoTheBlock reveals that 82.76% of ETH holders are still in profit at current levels, but a drop below $2,345 would change this dynamic significantly. Over 17.14% of addresses holding 13.14 million ETH are already out of the money, and more could follow if the price weakens further. Additionally, Glassnode's data on new Ethereum addresses shows a declining trend, suggesting lower network activity and reduced new demand for ETH, which could limit bullish momentum in the near term.

At the time of writing, the MACD indicator remained in the negative territory, reflecting ongoing bearish momentum. However, the Average Daily Range (ADR) at 132.92 suggests potential volatility, meaning ETH could see sharp price swings in either direction. For ETH to recover, buyers must step in at the $2,345 level and push prices above the immediate resistance. If Ethereum holds this support and new demand increases, a reversal could target $2,500 and beyond. However, if selling pressure intensifies, ETH could break lower, bringing further downside risks.

Ethereum is at a crucial price level, and the next few trading sessions