Ethereum: Navigating Turbulence Amidst DeFi Surge

Despite a recent surge driven by Bitcoin’s historic highs, Ethereum (ETH) is facing challenges in sustaining buyer interest. Large investors are pulling out profits, shifting the balance of power towards sellers in both spot and futures markets. After hitting a two-month high of $2,731 just three days ago, ETH has dropped to $2,530, with recent liquidations exceeding $40 million pushing it down. The critical threshold at $2,456, corresponding to the 100-day EMA, could act as a turning point for the near future. A downward trendline from $2,329 could then come into play below this level.