The Ethereum market has shown minor changes, and experts are making predictions based on current trends.
Overall Market Condition of Ethereum
The rate of Ethereum (ETH) has increased by 0.12% over the last day. On the hourly chart, the price of ETH showed a false breakout of the local support level at $2,522.
Short-Term Price Forecast
If the daily candle closes around this mark or lower, a more significant price drop to the $2,500 zone may occur. If the candle closes at current prices without a long wick, traders could expect a test of the $2,300-$2,400 range in the coming days.
Long-Term Outlook on Ethereum
From a mid-term perspective, ETH bounced off the resistance level at $2,857. If the weekly candle closes far from this mark, bears may return, potentially leading to a drop to the $2,400 level.
Currently, Ethereum is trading at $2,538. The coming days will be key to determining the future price direction.
