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Ethereum (ETH) has seen underwhelming price action this year, disappointing analysts and investors who expected a massive breakout. Instead, ETH is now trading at its lowest levels since October 2023, as bears maintain control and bulls struggle to reclaim momentum. The $2,000 level remains a critical barrier, and ETH must reclaim it soon to prevent further downside.
The broader market remains weak, with macroeconomic uncertainty and trade war fears weighing heavily on both crypto and traditional markets. With US stocks also experiencing a correction, investors are cautious about risk assets, setting the stage for a deeper sell-off if conditions worsen.
However, despite the ongoing bearish sentiment, some analysts remain optimistic about a potential market recovery in the coming months. Data from Santiment reveals a notable bullish signal, as whales have bought more than 420,000 Ethereum in the last five days. This accumulation suggests that large investors see current price levels as a buying opportunity, potentially hinting at a reversal in the near future.
With ETH trading near key support, the next few weeks will be crucial in determining whether Ethereum can recover or if more downside is ahead.
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