Ethereum Drops 4.77% Weekly But Large Funds Buying at Support Levels

Ethereum, the second-largest cryptocurrency by market capitalization, is currently navigating a critical juncture in its price trajectory. The digital asset is trading at approximately $2,134, marking a 1.89% decline over the past 24 hours and a 4.77% loss for the week. This price movement has brought Ethereum to a pivotal support level around $2,350, which is situated within a parallel channel. This level is of significant importance as it serves as a key support zone for Ethereum's price action.

On-chain data reveals that large funds are actively purchasing Ethereum at these support levels, indicating a potential bullish momentum. If Ethereum can break above the $2,150 mark, it could trigger a rapid push towards $2,200 and beyond. Historically, Ethereum has demonstrated strength in the $2,100 to $2,140 range. If the cryptocurrency can reclaim the $2,350 price point, it could address the CME gaps and pave the way for a robust recovery. The likelihood of a strong rebound is high, especially if Ethereum can maintain its position above the key support levels. This bullish momentum could be further fueled by the aggressive buying from large funds, which are typically seen as a positive indicator for future price movements.

Ethereum's price action is currently centered around the $2,350 level, a critical support zone. If Ethereum can hold above this level, it could set the stage for a price surge. The cryptocurrency's ability to recapture this price point and address the CME gaps will be crucial in determining its future trajectory. The strong support zone around $2,100 to $2,140 provides a solid foundation for Ethereum's price action, and a break above $2,150 could signal a rapid push towards higher levels.