Ethereum Faces $2600 Test Amid Pectra’s Decline, Institutional Interest On Rise
Ethereum (CRYPTO: ETH) is currently trading at $2587, marking a minor 0.82% increase over the past 24 hours. The day’s range saw lows of $2446.5 and highs near $2593.17. The fading momentum comes in spite of bullish fundamentals such as nearing the midline of the Gaussian Channel, and $115 million in fresh institutional inflow.
Ethereum’s price is stalling, signaling a critical juncture for traders. According to a post on X, formerly Twitter, crypto analyst, Michael Van De Poppe, pointed out that Ethereum is approaching a crucial support zone. If Ethereum holds this level, a rally toward the $3000 mark may be on the horizon.
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Michael’s analysis finds support in on-chain metrics shared by Glassnode, which indicate heavy trading activity and resistance between …
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