As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. The current dip in Ethereum (ETH) prices, as indicated by CoinMarketCap, is nothing new to me. However, I must admit, it’s always a bit unsettling to see such significant drops.
The market continues setting new local lows, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has fallen by 6.74% over the last day.
According to the one-hour graph, the value of Ethereum is close to its support level at approximately $2,442. Should the day’s closing price be around this point, a further drop could potentially trigger a test of the $2,400 region tomorrow.
On the bigger time frame, one should pay attention to the nearest level of $2,437.
As a researcher, I anticipate that should an event occur, the price correction might persist within the $2,350-$2,400 range over the coming days.
Looking at the weekly graph, Ethereum‘s rate seems quite distant from key points. But if the candle ends close to its minimum, we might witness a potential deeper fall to around $2,200 – $2,300 before the month is over.
Ethereum is trading at $2,450 at press time.
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2024-10-02 18:44