Ethereum Price Tests Key Short-Term Support Zone

Ethereum's price has been struggling to hold above $2,300, with the market now teetering on a critical short-term support level of $2,250. This zone has been identified as a key level by analysts, who warn that losing it could trigger a deeper breakdown in Ethereum's price.

According to CoinGlass, ETH futures open interest is above $34 billion, with tens of billions of dollars in daily futures volume. High open interest near a major support level can sharpen the next move, making it more likely for Ethereum's price to drop towards $2,200 and $2,150 if it loses $2,250.

On the other hand, if buyers defend the $2,250 level and push the price back through $2,320, short-covering could help turn the bounce into a faster relief rally. The network backdrop is stronger than the near-term chart, with Ethereum still carrying deep DeFi and stablecoin activity.