As a seasoned analyst with over two decades of experience in various financial markets, I’ve seen my fair share of market fluctuations, and the current correction in Ethereum (ETH) is no exception. The 4.1% drop since yesterday, coupled with the breakdown of the local support level at $2,503 on the hourly chart, indicates a bearish trend that I’ve seen many times before.
The correction has returned to the market, according to CoinStats.
ETH/USD
The price of Ethereum (ETH) has gone down by 4.1% since yesterday.
On the hourly chart, the rate of ETH has broken the local support level of $2,503.
As a crypto investor, I find myself in a position where the bearish trend seems to be holding strong. Until the price drops below its current level, it appears that the bears are in control of the market. If this happens, there’s a possibility that the correction could extend down to the $2,400 area.
Looking at a broader perspective, we haven’t seen any indications of a reversal just yet. If today’s candle ends close to its lowest point, it could potentially signal further drops towards the $2,300 – $2,400 price range.
On the weekly view, the trend continues to be bearish. Should this pattern persist until the end of the week, a potential test of the nearby support level at approximately $2,132 could occur.
Ethereum is trading at $2,456 at press time.
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2024-08-30 19:23