Ethereum Price Prediction Today: Shorts Target $2,400 After 9% Drop

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Current Situation:

Ethereum (ETH) is currently trading below $3,350 despite a price drop of more than 9% in the short term. Over the past month, ETH's price range has been between a high of $4,098.29 and a low of $3,103.37, showing its current trading volatility.

Short-term Prediction:

Experts believe that if the ETH price falls below the $3,540 support level, it could mean the end of its bullish trend and could enter a bearish scenario. At this point, it is expected that ETH may adjust to the support range between $2,400 and $3,160. If these support levels are valid, ETH has the potential to resume its rise and return to higher prices.

Technical Analysis:

Currently, ETH is stagnant near the 3 standard deviation resistance level of $3,620.49, which indicates that further gains will face resistance in the short term.

The 3-10-16 day MACD indicator is stagnant near $3,613.10, indicating that market sentiment is hesitant and the rise may be temporarily slowing down.

Expert View:

Analyst Josh pointed out that ETH has formed a potential bullish pattern on the weekly chart, an inverted head and shoulders pattern, but the pattern has not yet been confirmed. If ETH can break through the $4,000 to $4,100 range and hold this price level on the weekly close, this may confirm the bullish signal, and the target price may reach $7,000, providing a significant trading opportunity.

Currently, ETH's short-term trading range is between $3,900 and $4,100. Analysts generally believe that ETH's bullish sentiment in the current range is relatively strong, with both lows and highs rising continuously, and it has recently broken through important resistance levels.

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