As an experienced market analyst, I have seen my fair share of ups and downs in the cryptocurrency world. Based on the current data provided by CoinMarketCap, it appears that Ethereum (ETH) has experienced a slight increase in price, with a rise of 0.83% since the previous day. However, this growth may be short-lived as the hourly chart indicates a bearish trend for ETH.
A further market decline can be postponed, according to CoinMarketCap.
ETH/USD
The price of Ethereum (ETH) has risen by 0.83% since yesterday.
As a researcher examining Ethereum’s price action, I have observed a bearish trend emerging on the hourly chart, despite recent growth. Should the daily bar close below Ethereum’s current local support level of $2,973, it could signal that bears are regaining control. This potential shift in momentum might lead to further declines toward the $2,900 price zone.
The bullish momentum from yesterday’s closing failed to continue for the bulls. If this trend persists by the close of today, there is a possibility that the price may drop down to test the support level at $2,852 before the week ends.
Based on the midpoint analysis, no side has a clear advantage as the price remains significantly distant from key price points.
If the buyers are unable to hold the price at $2,900, there is a possibility that the built-up energy could lead to a breakout and subsequent drop towards the $2,600-$2,700 price range.
Ethereum is trading at $2,957 at press time.
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2024-05-16 18:12