Ethereum recently fell to $2083.43 as the crypto market took a hit. However, the number one altcoin by market cap is aiming to recover to a higher price position to prevent further uncertainty. According to crypto analyst Ali Martinez, “Ethereum needs to reclaim $2,460 to maintain investor confidence.”
Achieving this price level is crucial to ensure that selling pressure in the market is reduced. Currently there are 11.64 million investors holding 68.35 million ETH tokens and if the price fails to reach the targeted level, there could be further bloodbath in the market.
#Ethereum needs to reclaim $2,460 to maintain investor confidence. Holding above this level could reduce selling pressure from 11.64 million investors holding 68.35 million $ETH! pic.twitter.com/uc8hAFEhxn
— Ali (@ali_charts) March 2, 2025
ETH Current Price Analysis and Technical Outlook
Ethereum (ETH) is currently trading at $2,217.36 after facing a rough time in the previous days. However, the coin is currently consolidating around the current price level with the sideways movement visible on the shaded section on the chart. This simply means that ETH prices will either break out upwards or downwards from this position based on the market sentiment moving forward.
The key points to watch in the short term include the support at $2,153.28 and the resistance at $2,271.36. If the price of ETH drops from the current level, it risks breaching the short-term support which would confirm bearish momentum. However, an upward movement past the short-term resistance will confirm bullish momentum and could push prices above the $2,300 level.
Based on the chart above, the Relative Strength Index (RSI) indicator of Ethereum points to a neutral momentum. The RSI sits at 49.89 points slightly under the neutral 50 level hence confirming the ongoing consolidation.
The Moving Average Convergence Divergence (MACD) displays a very faint bullish crossover. The MACD (blue) line is at 1.18 just slightly above the signal (orange) line which reads 1.11. Additionally, the histogram indicates weak bullish momentum with no significant upward strength.
The confirmation of an upward momentum will appear when buying volume rises significantly. Additionally, strengthening of the MACD could signify that ETH will attempt another bullish rally. Occurrence of a bearish crossover will invalidate the potential bullish rally and push prices toward the resistance.
Will Ethereum Foundation’s New Leadership Improve Investor Confidence?
In an announcement made in March. 1, 2025, the Ethereum Foundation is set to have new leadership. The foundation announced Hsiao-Wei Wang and Tomasz Stanczak as co-Executive Directors. Wang has 7 years of experience as a researcher at the foundation while Stańczak brings on-board his proven leadership and organization scaling skills.
With these two set to take up office in March. 17, 2025, they could reignite the fading investor confidence. Ethereum is currently struggling with stiff competition from new and high-throughput chains which is eroding investor confidence. However, the two co-executive directors could boost investor confidence through more innovative upgrades of the Ethereum ecosystem.
The Ethereum Foundation is in charge of development and research of the Ethereum blockchain. The new directors could help solve the current issues in the network making it more attractive to investors. A restoration of existing investors’ confidence and attraction of new investors might in turn boost the ETH pushing it higher.
#blockchain #crypto, #decentralized, #distributed, #ledger
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