Ethereum (ETH) is currently facing a significant level of support between $2,388 and $2,460. If this support holds strong, there is a clear path for upward movement with minimal resistance. However, if ETH fails to maintain this level, there is a possibility of a pullback to around $2,000, representing a 17% drop from its current price.
If ETH drops to $2,000, the next major support level to watch is the daily Simple Moving Average (SMA) 200 at $1,923. A breach of this level could lead to further losses towards $1,800 and $1,700. On the other hand, if ETH bounces off the $2,388 and $2,460 support zones, it could resume its uptrend and target the $2,614 level.
A successful break above $2,614 could pave the way for a rally towards the $2,717 and $2,900 levels, where ETH will face its next hurdles. Ultimately, bulls aim to reclaim the psychological level of $3,000, which was last reached in April 2022.