After the sharp decline in the market, we can see that the supports on the charts were broken one by one. Very similar structures were formed in almost all of them. The movements in the market are already highly dependent on Bitcoin. In case of a sharp rise or fall, it is not possible for other parities not to be affected by this situation. Similarly, Ethereum is among the cryptocurrencies that broke the upward trend. You can see the daily movements of the Ethereum price in the chart below.

ETH USDT Daily

With the breaking of the upward trend that has been continuing since November 2022, the price of #Ethereum #ETH ) decreased by up to 17% in about an hour. It showed a rapid upward rise after touching the lower of the support points, which appear as two red ranges on the chart. It continues to trend above close support. In this scenario, it seems to me that it is very unlikely that close support will serve as long-term support. Quick buy orders that come after such sharp declines can often be orders that have been entered before. It will be more difficult for Ethereum, which is moving upwards with the execution of these orders, to hold on if it declines again. ( ) price decreased by up to 17% in about an hour. It showed a rapid upward rise after touching the lower of the support points, which appear as two red ranges on the chart. It continues to trend above close support. In this scenario, it seems to me that it is very unlikely that close support will serve as long-term support. Quick buy orders that come after such sharp declines can often be orders that have been entered before. It will be more difficult for Ethereum, which is moving upwards with the execution of these orders, to hold on if it declines again.

What is Ethereum? What is it for?

Ethereum is a decentralized blockchain protocol. It is designed to run smart contracts and is open source software that can be used by people all over the world. Ethereum makes it possible to create and execute financial transactions, contracts, and applications without the need for a central authority.

Ethereum is the second largest cryptocurrency after Bitcoin. Ethereum's native cryptocurrency is known as Ether (ETH). ETH is used to pay transaction fees on the Ethereum network and to create and run smart contracts.

Ethereum is a powerful platform that can be used for many different purposes. Some common uses are:

  • Financial applications: Ethereum can be used to create decentralized finance (DeFi) applications. DeFi applications enable users to borrow, lend, invest and send money without the need for traditional financial systems.

  • Smart contracts: Ethereum can be used to create smart contracts. Smart contracts are computer programs that automate and execute agreements between two parties.

  • Distributed applications (dApps): Ethereum can be used to create distributed applications (dApps). dApps are applications that run without a central server.

  • Games: Ethereum can be used to create games. Ethereum-based games allow users to buy, sell and trade in-game items.

Ethereum is still in development, but its potential is huge. Ethereum has the potential to solve many different world problems and is likely to become even more popular in the future.$ETH $BTC $BNB