Ethereum Dips to $2.2K Zone for the First Time Since January

• Ethereum (ETH) has fallen to the $2,200 range, a level not seen since late January.
• Vitalik Buterin recently sold ETH worth $1.835 million, and the Ethereum Foundation allocated 3,000 ETH for liquidity.

Ethereum (ETH) has slipped into a challenging phase, with its price falling to the $2.2K zone for the first time since late January. This decline comes amid several key developments and market shifts that are adding pressure to cryptocurrency.

In recent weeks, Ethereum has struggled to maintain its upward momentum. The launch of a new decentralized exchange, Ethervista, and Ripple’s move to integrate Ethereum smart contracts into the XRP Ledger have added to the market’s uncertainty.

Furthermore, Vitalik Buterin’s recent activity has sparked debate; his wallet has offloaded ETH worth $1.835 million, and the Ethereum Foundation has committed 3,000 ETH to Kelp for liquidity purposes. This selling activity has added to the market’s concerns about ETH’s short-term prospects.

24-H Price Movements and Market Sentiment for Ethereum

Despite the recent drop, Ethereum’s price has shown some signs of recovery, briefly rising to $2,305. However, experts suggest that it may take some time for bullish sentiment to return.

Over the past week, ETH has fallen by over 8.43%, though it did see a modest increase of 0.80% in intraday trading. At one point, the price hit $2,337 before settling at $2,306. Daily trading volume has surged to $13.06 billion, reflecting heightened market activity.

However, Ethereum’s current market sentiment remains cautious, with the fear and greed index at 31, indicating prevalent fear among investors.

After a brief dip to $2,243—seen as a strong support level—the cryptocurrency is making a modest rebound but faces resistance near $2,350. ETH must overcome this resistance to achieve a more substantial recovery. Immediate support and resistance levels are at $2,150 and $2,400, respectively.

In the 4-hour ETH/USDT trading chart, the MACD indicator shows mixed signals, leaning slightly bearish as the MACD line is below the signal line. Additionally, the daily RSI is at 47.50, suggesting ETH is nearing oversold conditions.

Moreover, short-term and long-term moving averages remain above the current price, with the 50-day average at $2,380 and the 200-day average at $2,554. The Chaikin Money Flow (CMF) is at -0.01, indicating a decline in money flow and trading volume.

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