Ethereum native cryptocurrency ETH’s price is currently at a critical juncture courtesy of its recent decline.
It has retested its Q4 2024 support level, but on-chain data reveals that weak demand could potentially lead to more capitulation.
ETH previously crashed below the same support at the start of February but a swift recovery followed suit.
Earlier the price appeared to be respecting the same support level near the $2,350 price zone.
ETH price action | Source: TradingView
It has since dropped below the level, declining to the next support level at $2160.
Analysts anticipate the support level to hold, but weak demand may pave the way for a break below support.
This is a possibility, especially considering that the RSI was not yet in oversold territory at the time of observation.
ETH exchange flow data revealed that more ETH was flowing into exchanges than the amount of ETH flowing out.
Exchange inflows were almost clocking 440,000 coins compared to just over 354,00
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