Ethereum holds just above $1680 after dropping below a key support! What are market analysts watching now?

Ethereum is currently trading at a crucial threshold after slipping beneath an important support level. According to analysts, if ETH manages to reclaim the $1,743 mark, the recent downturn could turn into a bear trap—setting the stage for a more robust bounce in price.

Limited selling pressure from major investors

On-chain data suggests that volatility for Ethereum could be on the rise. Analyst CW notes that there has yet to be clear evidence of significant sell orders coming from the largest investors, indicating that, so far, ETH’s liquidity balance remains largely intact around the $1,682 level.

The analysis points out that the green zones below the current price indicate strong buying liquidity, while the selling pressure at higher levels appears relatively mild. This dynamic means that should major wallets resume buying or become more active, the possibility of a sharper price movement increases.

Glossary: Liquidity refers to the concentration of buy and sell orders at a specific price range. A sell wall identifies an area where high-volume sell orders could make it harder for prices to move upward.

Despite these signals, analysts remain cautious. Large investors may stay on the sidelines for extended periods, and prevailing market conditions continue to play a decisive role in determining ETH’s direction.

$1,743 stands out as a short-term pivot

Another viewpoint in the market is that Ethereum finds itself at a defining juncture after falling out of its main trading range. According to CryptoWZRD, the $1,743 level—which previously acted as support on ETH/USD’s daily chart—has now become the critical pivot to watch.

The analysis notes that after dipping below its established trading band, Ethereum is stabilizing at a lower support zone. In terms of market structure, a deviation refers to price briefly breaking through a significant level before quickly returning to its prior range—often catching investors betting on further declines off guard.

Reclaiming $1,743 would signal that sellers are beginning to lose control. In such a scenario, bearish momentum could weaken and the focus may shift again to the upper band near $2,400.

However, the bullish case remains unconfirmed. If Ethereum fails to reclaim its lost support, the latest move could develop into a new downward wave within a broader bearish trend. As a result, market watchers remain focused both on the actions of major wallets and whether or not $1,743 can be recaptured.

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