Ethereum’s price has returned to a crucial support zone between $1,490 and $1,740, echoing a similar pattern from its 2023 bullish reversal. This comes as ETH remains dominant in DeFi activities, controlling over 95% of stablecoin transactions and boasting the highest total value locked (TVL) within the decentralized finance sector. The ongoing demand for Ethereum’s network is bolstered by the recent approval of a US-based spot ETF, further bolstering its appeal to institutional investors. Ethereum has not only secured market position but is poised for scalability upgrades that could enhance speed and reduce costs. 2024 saw Ethereum climb above $4,000 as part of this bullish trend. A recent price drop has led ETH into a historically strong demand zone. While the current market conditions present some challenges, there’s a palpable sense of anticipation among traders. If bulls can maintain support above $1,490, the area could act as a springboard for recovery. On the other hand, any drop below this level may lead to further declines potentially reaching lower levels around $1,200. 2023 saw similar price action and support zones play a key role in Ethereum’s upward trajectory after a period of consolidation and volatility.