Prominent market analyst Ali Martinez believes that if Ethereum (ETH) can reclaim the key support level at $2,350, it may lead to further price gains, with a potential target of $3,528 and a possible rally to the $4,164 level.
On the other hand, failure to reclaim the support level may result in a deeper correction, with a potential crash to $1,444 indicated by Glassnode's data.
Currently, Ethereum is trading at $2,134, experiencing a 1.89% decline in the last 24 hours and a total decline of 23.58% over the past 30 days.
Despite the price fall, Ethereum whales have shown optimism with strong accumulation behavior, acquiring 1.1 million ETH in 48 hours and withdrawing 330,000 ETH from exchanges.