At the start of the week, the cryptocurrency market exhibits bearish trends. This article examines the current price of Ethereum and its forecasts for the near future.
Current Ethereum Price and Market Behavior
The current price of Ethereum (ETH) stands at $2,243, reflecting a decline of 0.59% from the previous day. On the hourly chart, ETH may have established a local resistance at $2,275. Should selling pressure persist, a test of the support at $2,222 is anticipated by tomorrow.
Short-term Forecasts for ETH
On a longer time frame, the price has remained within the candle observed yesterday, indicating that neither bulls nor bears have seized the initiative. However, if the candle closes near support, traders may expect a level breakout followed by a test of the $2,000-$2,100 range.
Long-term Prospects for Ethereum
From a midterm perspective, attention should be paid to the closure of the candle in relation to the previous candle's low. If it occurs near $2,111, there is a chance to observe a continued drop towards the $2,000 mark.
Thus, the current price behavior of Ethereum indicates bearish trends, with a potential for further decline in the coming days. Investors should monitor candle closures closely to make more informed decisions.
