Ethereum continues to face growing obstacles in its recovery efforts. Let's look at the current asset status, market events, and forecasts for future price movements.
Current Price and Support of Ethereum
Ethereum (ETH) is currently trading around $2,551, with a market capitalization of $308.31 billion. The $2.5K level serves as a crucial support, and a successful breakout could provide momentum for further gains. Over the past 24 hours, the asset has seen a decline of more than 0.97%, reaching a high of $2,586.74 and a low of $2,517.90.
Market Changes for Ethereum
The Ethereum market has witnessed $32.95 million worth of liquidations over the last 24 hours. Additionally, an early ICO Ethereum wallet was reactivated, transferring 1,140 ETH. The U.S. government transferred 86.56 ETH to Coinbase Prime, currently holding 65,156 ETH valued at around $166 million.
Predictions and Trends for Ethereum
According to current forecasts, if ETH continues its bearish trading pattern, the price might slip below the $2,544 level. If bullish momentum is regained, the asset could test the resistance level at $2,557. Technical analysis indicates that indicators support the potential for further growth, although the MACD points to a general bearish trend.
At present, Ethereum remains under pressure from market forces; however, the support at the $2.5K level and positive investment data may set the stage for potential growth in the future.
