Date: Tue, February 25, 2025 | 03:46 AM GMT
The cryptocurrency market was standing strong despite facing one of the largest crypto hacks on Bybit. However, things changed sharply in the last 24 hours, as the market witnessed a possible manipulative sell-off, leading to a 5% drop in total crypto market capitalization.
Bitcoin (BTC) is down by over 3%, while altcoins have suffered even heavier losses, with Ethereum (ETH) dropping over 8% in the last 24 hours.
Ethereum (ETH) Testing Key Support
On the weekly chart, ETH’s price action is consolidating within a long-term symmetrical triangle pattern. The latest correction, which started after ETH rejected the upper resistance of the triangle at $4,107, has now pushed ETH down to retest its support at $2,152, from where it has made a slight bounce.
Currently, ETH is trading around $2,490 and is testing the critical 200 moving average (MA) at $2,480, which has previously acted as a rebound level. If ETH manages to hold above this 200-week MA, it could trigger a relief bounce, potentially leading to an altcoin market recovery from the ongoing drop.
Bearish Scenario – What If ETH Fails to Hold Support?
Despite ETH showing early signs of support, bearish risks are still present. If ETH fails to hold the 200-MA, it would likely retest the lower trendline support of the symmetrical triangle, which currently stands around $2,250-2,300.
The MACD is currently in negative territory, signaling that the bearish momentum is still dominant. However, a potential bullish crossover in the coming weeks could indicate a trend reversal, especially if ETH maintains support above the 200-week MA.
Final Thoughts
Ethereum’s current price action is at a critical juncture, where a successful bounce could fuel a broader recovery in the altcoin market. However, failure to hold the key support levels could trigger a larger downtrend, leading to further losses in the coming weeks.
Traders should closely monitor ETH’s price action around the $2,480 – $2,500 range to determine the next major move.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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