As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I have seen market fluctuations like this countless times before. The current dip in the top 10 coins, including Ethereum (ETH), is not uncommon and should be viewed as an opportunity rather than a cause for concern.
Almost all of the coins from the top 10 list are falling today, according to CoinMarketCap.
ETH/USD
The rate of Ethereum (ETH) has dropped by 5.22% over the last 24 hours.
As a crypto investor, I’ve noticed on the hourly chart that the price of ETH has taken a dip following a breach of its local support level at $2,625. If the daily bar ends up closing below this point, it seems likely that the downtrend will persist towards the $2,500 zone.
On the bigger time frame, the rate of the main altcoin is falling after yesterday’s bullish bar.
If the candle closes near its low, there is a chance to see a test of the $2,450-$2,500 range soon.
From my perspective as a researcher, the current price seems to be well above (or below) the crucial levels at the midpoint. The trading volume indicates a lack of readiness from either side for a significant shift. Given these circumstances, it appears that sideways trading within the range of $2,400 to $2,600 is the most probable outcome in the near future.
Ethereum is trading at $2,580 at press time.
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2024-10-31 18:21