As a seasoned crypto investor with years of experience under my belt, I’ve learned to read between the lines when it comes to market analysis. The recent downturn in Ethereum (ETH) prices, which have dropped by 1.66% over the last 24 hours, is a cause for concern.
Bulls do not seem ready for a continued upward move, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has fallen by 1.66% over the last 24 hours.
As a researcher analyzing the hourly chart for Ethereum (ETH), I observe that the rate remains bearish and is currently retracing towards the local support level at around $3,055. If this trend persists until the end of the trading day without significant price action to the upside, it’s likely we may see a further decline into the $3,000 price zone.
Looking at the larger time horizon, it’s important to keep an eye on the previous day’s minimum price. If the candlestick ends up closing in its vicinity or even lower, there’s a possibility that the downtrend will continue towards the significant level of $3,000 in the near future.
Based on the perspective of the midterm outlook, the Ethereum rate hasn’t reached crucial thresholds yet, indicating that market participants aren’t prepared for significant price action, be it a surge from buyers or a drop from sellers.
In this case, ongoing sideways trading in the zone of $2,900-$3,100 is the more likely scenario.
Ethereum is trading at $3,074 at press time.
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2024-07-12 13:02