Ethereum price which is experiencing tremendous selling pressure ignited by the de-peg of stETH token has been fueled by the recent Celsius Network crash. Woefully, the asset which is holding the $1200 area strong may eventually face a massive rejection at these resistance levels and plunge hard below the $1000 area very soon. However fewer chances of a notable rebound could be in place, but will it happen in the next 24 to 48hrs?
Ethereum Hovering Within Crucial Zone
The second-largest asset held the $1697 support level very strong ever since the market crashed last month in May. However, just before the beginning of the weekend, the prices slipped below these levels which was further fueled by the stETH de-peg. Moreover, the CEL token crashed hard which compelled the price to trade within a huge demand area at the moment.
As per the data from Intotheblock, nearly 4 million ETH was bought between the price of $1070 and $1399 by more than 2.29 addresses. Therefore, as far as the prices are within these ranges, the fear of hefty plunges may be distinct. On the contrary, if the ETH price losses the last line of defence above $1000 at $1070, then a steep plunge to the next lower support at $817.
Are Traders Accumulating ETH to Stake in on ETH 2.0?
The much-awaited Ethereum merger is fast approaching while the testnet of the merge is accomplished. Therefore, the possibility of staking on the platform at the final stage could have been intensified as the address holding more than 32 coins just reached a 14-month high.
It is a known fact that to become a validator, one has to stake 32 ETH on the network. Now when the address with 32 ETH has reached an ATH, the possibility of staking it on the network also rising high.
Collectively, despite Ethereum (ETH) price hovering within very crucial levels, captivated by the bears, the possibility of a trend reversal may be expected. No doubt the bullish divergence may occur only when the asset hit the lower crucial levels. It is important that at what support levels, ETH price could ignite a rebound, $1069 or $817!