Ethereum (ETH) has seen a 6.58% drop over the past 24 hours. Experts are analyzing its dynamics to predict further changes.
Current Price Changes
At press time, Ethereum is trading at $3,406, showing a decline over the past day. Investors are observing the dynamics, assessing possibilities for further recovery.
Hourly Chart and Local Levels
On the hourly chart, ETH's price is approaching the local support at $3,393. If a breakout occurs, the correction might continue toward the $3,300 range soon.
Midterm Prospects
On larger time frames, bulls failed to maintain yesterday's growth. If today's bar closes around the current prices or lower, a test of the $3,252 support level is possible by the end of the week. From a midterm perspective, the closure of the weekly candle near $3,200 could indicate a continued decline in the upcoming week.
The current dynamics of Ethereum's price are causing concern for some traders. Investors are closely watching key support levels, as developments here may set short-term market trends.
