Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

📆 04/11/2024 21:13:00
📰 FXStreetNews

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Cryptocurrencies,Technical Analysis

Ethereum (ETH) is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone.

Ethereum price today: $2,420 Ethereum sees higher allocation than Bitcoin in State of Michigan Retirement System portfolio following the fund's $11 million ETH ETF holdings. Despite the investment, ETH ETFs continue to underperform BTC ETFs as the top altcoin's market dominance plunges further. Ethereum could find support around a key descending trendline and its major demand zone near $2,258.

45 million and $12.09 million, respectively. ETH could find support near a descending trendline extending from May 27. This trendline is also near the $2,258 support level, which is historically a major demand zone for ETH. Hence, the top altcoin could bounce off this level if prices decline toward it. ETH/USDT daily chart The Relative Strength Index and Awesome Oscillator momentum indicators are below their mid-levels, indicating prevailing bearish pressure.

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