Ethereum (ETH) is trading near $2,260 with weekly gains of nearly 10%, despite a sharp drop in trading volume. Analyst Crypto Patel’s Elliott Wave model places ETH in a correction phase with a potential support range of $1,700 to $1,200, while derivatives data shows weakening sentiment with negative funding rates.
Ethereum trades near $2,260.90, posting a 0.57% daily gain and a 9.93% weekly increase according to CoinMarketCap data. This price strength comes alongside a significant 45.88% drop in trading volume, now at $10.03 billion.
Analyst Crypto Patel highlighted a long-term Elliott Wave structure, stating the asset is in an extended ABC correction pattern. “The objective price is estimated to reach a range of $1,700 – $1,200,” he noted, a range aligned with key Fibonacci retracement levels.
In the short term, analyst Crypto Candy identified a crucial demand zone between $1,970 and $1,900 for continuation. The analyst revealed that for the current momentum to persist, the price must hold above this zone with a next target between $2,600 and $2,700.
Derivatives metrics from CoinGlass indicate a cautious market bias. Open interest declined 0.87% to $31.96 billion, while the open interest-weighted funding rate turned negative to -0.0030%.
