Ethereum (ETH) is facing a new stage of decline, following the overall trends in the cryptocurrency market. This article explores the current state of ETH and possible future scenarios for its movement.
Overview of Current Ethereum Trends
Ethereum's price has recorded a decline of 2.18%, following the downturn of other cryptocurrencies. A notable point was the movement after a false breakout of the local resistance level at $2,546.
Short-term Forecasts
If the candle closes near or below the support level, a test of the $2,450 zone can be expected. Currently, the price of ETH stands at $2,496.
Long-term Perspective and Price Levels
On larger time frames, Ethereum's price continues to decrease after a failed attempt to hold above the $2,600 mark. If the breakout of the interim level of $2,500 occurs, this could lead to movement in the $2,350-$2,400 range.
Thus, Ethereum continues to face pressures from market conditions. Future movements will depend on the ability to overcome key resistance and support levels.
