As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen my fair share of ups and downs. Today, looking at the Ethereum (ETH) price trend, it seems we are back to the familiar dance of correction and recovery.
Buyers are trying to restore the lost initiative, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has dropped by 6.58% over the last 24 hours.
Looking at the hourly graph, the Ethereum price is nearly reaching its nearby support level at around $3,393. Should a breakthrough occur, it could trigger a quick correction down towards the $3,300 region.
Looking at a broader perspective, the bulls didn’t sustain the gains from yesterday. If today’s session ends near current levels or lower, there could be a potential retest of the support level at $3,252 by the close of this week.
From the midterm point of view, one should focus on the weekly candle closure.
If it happens near $3,200, traders may witness an ongoing decline the upcoming week.
Ethereum is trading at $3,406 at press time.
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2024-12-21 16:03