The crypto market continues to show activity, with Ethereum (ETH) recently exhibiting growth. However, analysts warn of possible changes in dynamics.
Ethereum Price and Its Dynamics
Currently, the price of Ethereum (ETH) stands at $4,656, which is up 4.74% compared to the previous day.
Technical Analysis of ETH/USD
On the hourly chart, a decline is observed in ETH after a false breakout of the local resistance at $4,712. If the decline continues, there is a significant chance of testing support in the coming days.
Future Predictions
On a longer time frame, it is important to focus on the closure of daily bars regarding yesterday's peak. If the closure occurs with a long wick and below $4,639, bears might take the initiative, potentially leading to a drop to the $4,300 zone. With current prices, if the weekly candle closes around the noted levels, traders may anticipate a test of the vital $5,000 mark by the end of the month.
In conclusion, despite the recent growth, the Ethereum market remains quite unstable, and traders should be cautious of possible changes in price movement.
