Ethereum’s Test of Conviction at $2,100
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Ethereum’s pullback to $2,100 has deepened into a broader test of market conviction. ETH has shed nearly 10% over the past week, erasing May gains and focusing attention on the $2,000 support level. The decline reflects a confluence of pressures: macro headwinds from rising oil prices and ETF outflows are weighing on risk assets, while sector-specific bets on AI and tokenization provide a counterbalance. The $2,000 zone remains critical; a breakdown could accelerate selling, while a bounce would reaffirm bullish narratives around Ethereum’s utility. Market participants should watch for volume confirmation and broader crypto correlation to gauge the next move.
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