Ethereum Holds $2,000 Support — Accumulation Keeps Recovery Hopes Alive
Ethereum shows recovery signs as on-chain data indicates accumulation, holding crucial $2,000 support for potential upside movement.Summary
Ethereum is showing early signs of recovery after a sharp price decline, managing to stabilize near the $2,000 support level. On-chain data reveals a positive shift in investor behavior, with the exchange net position change turning negative, suggesting more ETH is moving off exchanges into private wallets for accumulation rather than distribution. This sentiment is supported by a rising Chaikin Money Flow (CMF) indicator. Currently trading near $2,018, ETH must maintain support at the 23.6% Fibonacci retracement near $2,054 to target short-term resistance at $2,205, with a longer-term psychological target of $2,500, which faces light overhead supply. A decisive break above $2,344 would confirm recovery strength; however, losing the $2,000 support could expose the asset to renewed downside risk toward $1,796.
(Source：BeInCrypto)