This Saturday (28th) began with the market recovering, according to CoinMarketCap data, bringing a more positive environment for most cryptocurrencies. However, Ethereum (ETH/USD) stands out as an exception, recording a 1.14% drop in the last 24 hours. So, what does the Ethereum chart analysis indicate for a potential entry point?
Ethereum Chart Analysis: Support at $2,415
On the hourly chart, Ethereum found a **local support around $2,415**, a crucial level to avoid further declines. If buyers can maintain control and close the daily bar near the resistance level, we might witness a breakout, with a potential test of the $2,450 zone.
Ethereum Shows Weakness Amid Suspension of Trade Talks with Canada
While Ethereum and most of the crypto market have remained in a sideways consolidation phase, stock markets temporarily rose on Friday, with the S&P 500 and Nasdaq Composite reaching record highs.
This optimism emerged after U.S. Commerce Secretary Howard Lutnick confirmed the finalized trade agreement between the U.S. and China. However, gains were quickly reversed after President Trump announced the cancellation of trade talks with Canada.
Impact of Trump's Decision on Cryptocurrencies
Trump justified the decision with harsh criticism of Canada's trade policies, including high tariffs imposed on American farmers—up to 400% on dairy products—and the implementation of a digital services tax affecting U.S. tech companies. In his words:
"Based on this burdensome tax, we are ending ALL trade discussions with Canada, effective immediately."
Following this announcement, Ethereum experienced another drop, temporarily falling 1% below $2,400, reflecting negative sentiment among investors similar to early March when Trump began his tariff rhetoric.
Sentiment and Technical Indicators
Ethereum's weighted sentiment (7-day)—measured by Santiment—showed a sharp decline, suggesting retail investors' optimism has significantly waned despite the ceasefire between Israel and Iran.
Additionally, ETH funding rates have been negative at multiple points last week, signaling market uncertainty and indecision, despite a slight recovery observed earlier in the week.
Ethereum Price Outlook: Warning of Potential Sharp Decline
According to Coinglass data, Ethereum faced futures contract liquidations totaling $50.31 million in the last 24 hours—$35.38 million in long positions and $14.93 million in short positions.
Despite an 8.5% recovery this week—after falling to $2,110 last week—and trading back in the $2,300–$2,800 range, Ethereum risks a 35% drop if it confirms a "death cross," a technical indicator suggesting prolonged bearish momentum.
👉 How to Buy Ethereum Securely
Current Scenario: Sideways Consolidation Continues
From a medium-term perspective, Ethereum’s price remains detached from support and resistance levels, hovering within the previous bar. This behavior suggests continued sideways consolidation, with traders waiting for a clear signal to determine the asset’s next direction.
Is This the Best Time to Buy Ethereum?
Despite the recent drop, technical analysis points to potential upside opportunities, especially if Ethereum breaks nearby resistance levels. Investors should closely monitor these key levels to adjust their strategies.
Snorter Bot Presale Emerges as Innovative Alternative to Ethereum in Meme Coin Space
While Ethereum continues dominating the crypto space with its robust infrastructure and widespread adoption, the Snorter Bot presale is gaining traction as a promising alternative in the utility-driven meme coin segment.
Built on Solana, Snorter Bot is a Telegram trading bot offering advanced features like ultra-fast sniping, automatic honeypot detection, rug-pull protection, and competitive fees (currently just 0.85%).
The SNORT token is now available in presale at ~$0.0961, having already raised over $1.2 million, demonstrating strong investor interest.
Key features include:
- Secure swaps
- Automated limit orders
- Copy trading functionality
FAQs
1. What is the current Ethereum support level?
Ethereum has established local support around $2,415, a critical level to prevent further declines.
2. Why did Ethereum drop after Trump's Canada announcement?
The cancellation of U.S.-Canada trade talks sparked negative market sentiment, causing Ethereum to briefly fall below $2,400.
3. What is a "death cross" in Ethereum trading?
A death cross occurs when a short-term moving average crosses below a long-term one, signaling potential prolonged bearish trends.
4. How can I buy Ethereum securely?
Use trusted exchanges like 👉 OKX for secure ETH purchases.
5. What makes Snorter Bot unique?
Snorter Bot combines meme coin appeal with utility—offering fast trading, low fees, and anti-scam protections on Solana.
By monitoring key technical levels and macroeconomic developments, traders can navigate Ethereum’s volatile yet opportunity-rich market effectively.