The first day of September has been bearish for the cryptocurrency market, with a decline in Ethereum's price.
Market Overview
According to CoinStats, the cryptocurrency market overall exhibits bearish tendencies. Amid these events, investors continue to monitor the price dynamics of leading altcoins.
Ethereum Price Dynamics
The price of Ethereum (ETH) has decreased by 1.34% in the last 24 hours. Currently, the price is around $4,360, and if the daily candle closes at this mark or below, a test of the $4,300 zone is likely by tomorrow. On larger timeframes, the situation is less clear, as ETH remains far from key levels.
Future Prospects
Trading volumes are decreasing, confirming a lack of energy from both buyers and sellers. The cryptocurrency is expected to trade sideways around current prices. From a medium-term perspective, buyers may only consider further upward movement after breaking through the critical $5,000 zone.
Thus, the cryptocurrency market shows bearish trends, and short-term forecasts remain uncertain.
