Analysis: ETH's dropping to $2.1K hints at buying opportunity

Given the technical data and the market's buying interest in Ethereum (ETH), a drop in the price of ETH to around $2,100 suggests a strategic buying opportunity, according to Cointelegraph. An ascending channel pattern has been observed on the weekly chart of ETH/USDT on Binance, which is characterized by a steady upward movement with higher highs and higher lows. However, if ETH breaks below the support trend line, it will lead to a pullback near the support zone ranging from $2,100 to $2,200 under increased selling pressure. Notably, this area has always acted as support from late 2023 to August 2024. In addition, there has also been an increase in inflows into spot Ether ETFs. As per Glassnode data, 154,000 ETH flowed into spot Ether ETFs this week alone, five times the average weekly inflow in recent times. Given these flows, a break below $2,100 for ETH could provide a good buying opportunity, Cointelegraph summarized.