Ethereum (ETH) is trading at $2,477.12, down over 3% in the past 24 hours, as traders brace for Memorial Day volatility. With holiday liquidity thinning out, analysts are watching closely to see if ETH can defend key support levels or slide toward $2,300.
ETF inflows have been strong — with $58.63 million flowing into Ethereum ETFs on May 23 and 22,000 ETH added. This shows renewed institutional interest, driven by regulatory clarity and optimism over Ethereum’s network upgrades. However, price action tells a different story.
On the 2-hour chart, ETH has broken below an ascending trendline and is now struggling beneath the 50-period EMA at $2,555, which has flipped into resistance. Candlestick formations near $2,523 show hesitation, and a widening MACD histogram signals increasing bearish momentum.
Key Levels to Watch:
- Support: $2,378, $2,272, $2,172
- Resistance: $2,555, $2,626
- Indicators: MACD bearish, EMA resistance, trendline break confirms short-term weakness
If ETH closes below $2,378, the door opens to a slide toward $2,300. But a strong rebound above $2,555 could flip sentiment bullish again, with potential upside back to $2,800.
Memorial Day thin trading volume could amplify these moves. While ETF flows suggest strength, lack of liquidity may expose ETH to exaggerated price swings.
Traders should stay cautious, watching for a confirmed breakout or breakdown early next week.
