Buyers have been trying to regain control in the cryptocurrency market, as reported by CoinMarketCap. Ethereum (ETH), one of the leading cryptocurrencies, has seen a significant drop of 6.58% in the last 24 hours. On the hourly chart, the price of ETH is nearing the local support level of $3,393. If a breakout occurs, the correction could continue towards the $3,300 range in the near future.
However, on the larger time frame, the bulls have struggled to maintain the growth seen yesterday. If today’s bar closes around the current prices or below, there is a possibility of a test of the support level at $3,252 by the end of the week. From a midterm perspective, traders should pay attention to the weekly candle closure. If it closes near $3,200, there could be a further decline in the following week.
Currently, Ethereum is trading at $3,406 at press time. It is crucial for traders and investors to monitor the price movements and key support levels to make informed decisions in this volatile market. Keeping an eye on the market trends and technical analysis can help in predicting potential price movements and managing risks effectively.
As the cryptocurrency market remains unpredictable, it is important for traders to stay updated on the latest news and developments in the industry. Market conditions can change rapidly, and having a solid understanding of the market dynamics can help in making well-informed trading decisions.
Overall, while buyers are trying to regain control in the market, it is essential for traders to remain cautious and vigilant in their trading strategies. By staying informed and analyzing market trends, traders can navigate the volatile market conditions and make profitable trades in the long run. Ethereum’s price movements will continue to be closely watched by traders and investors in the days to come.
