Recent global macroeconomic events significantly affect Ethereum's price. This article examines current trends and upcoming support levels.
Brief Analysis of Current Trends
The price of Ethereum has dropped to $1,547, a decline of 8.13% in a single day. The current market situation confirms not just a correction, but a deeper decline. ETH is now trading below the 200-day simple moving average, raising concerns among investors as this has historically been a sign of prolonged bearish periods.
Support and Resistance for Ethereum
The next critical support level for Ethereum is set at $1,400. If this level is broken, the next targets could be around $1,320 and $1,200, which previously acted as demand zones. Resistance is found at $1,685, above which a recovery may begin.
Forecasts and Possible Scenarios
Despite the short-term rise, long-term prospects remain pessimistic. If the $1,400 level does not hold, Ethereum's price could drop to $1,200 or lower. However, if the asset stabilizes above $1,500 and begins to recover, this could lead to a short-term recovery.
Ethereum is at a critical point due to intensified pressure from global economic factors. The asset's future hinges on its ability to hold key support levels.
