- Ethereum holds above $2,700 despite market volatility, fueled by buying pressure from the Infini hack.
- Ethereum’s bullish momentum weakens as selling pressure rises, risking a drop toward the $2,650 support zone.
Ethereum’s price has shown resilience, even as broader market sentiments remain uncertain. While Bitcoin slipped below $96,000, Ethereum sustained above $2,700, signaling strength. The recent price jump has fueled bullish optimism, with ETH eyeing a retest of the $3,000 mark.
However, questions arise over whether this surge is organic or fueled by external factors. One major event catching attention is the Infini hack, which reportedly caused a significant influx of buying pressure.
Was the Infini Hack Behind Ethereum’s Price Jump?
The crypto-focused neobank, Infini, suffered a $49.5 million exploit. The stolen funds were converted into DAI and later used to purchase ETH. This sudden buying spree contributed to Ethereum’s price jump above $2,840.
As ETH climbed, selling pressure intensified, especially with Binance offloading millions of ETH. The price struggled to maintain levels above $2,700, leading to concerns that this rally may be short-lived.
Is the Bullish Momentum Fading?
Despite Ethereum strong defense of key support levels, the bullish momentum appears to be weakening. The price initially aimed for $2,900 but failed to sustain, slipping back below $2,700.
Technical indicators also suggest a potential downturn. The Chaikin Money Flow (CMF) dropped below zero, indicating weakening market strength. The Directional Movement Index (DMI) was on the verge of a bullish crossover but failed, showing hesitation among buyers.
Ethereum : What’s Next?
Ethereum’s next move depends on whether it can hold above key support at $2,650. If buyers step in, a rebound towards $2,772 and even $3,000 is possible.
However, if selling pressure continues, ETH could drop to the lower support range of $2,541–$2,567. Despite this, the ascending trend line suggests a potential bounce, keeping bullish hopes alive.
Ethereum remains at a crossroads. Will the bulls regain control, or is a deeper pullback inevitable? The coming days will be crucial in determining ETH’s next major move.
