Current Analysis and Predictions
Ethereum (ETH) has experienced a notable decline of 6.58% in the past 24 hours, trading at $3,406 at the time of writing. The cryptocurrency is struggling to recover its bullish momentum, as observed from its price action on multiple timeframes.
Short-Term Analysis
On the hourly chart, ETH is nearing a critical support level of $3,393. A breakdown below this level could lead to a further decline, with prices potentially testing the $3,300 range soon.
Mid-Term Analysis
On the daily chart, Ethereum's price action has failed to sustain its recent upward movement. If today’s candle closes near the current levels or lower, it increases the likelihood of a test at the $3,252 support by the end of the week. This would signal a continuation of the bearish trend.
Long-Term Projections
In the broader perspective, weekly candle closure around $3,200 would confirm a bearish outlook for the upcoming weeks. This could lead to further price erosion if buyers fail to regain control.
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Investor Outlook
Traders and investors are advised to monitor Ethereum’s price action closely, particularly its ability to hold above the $3,393 support. A strong bounce from this level could signal a reversal, but sustained selling pressure might push ETH deeper into correction territory.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always consult with a professional before making any investment decisions.
