A naukri.com initiative
TronWeekly
2w
325
Image Credit: TronWeekly
Ethereum’s Bearish Trend: Can $2,200 Hold or Will ETH Fall Further?
- The bearish trend in Ethereum continues as it faces significant selling pressure below $2500.
- Market analysts highlight the importance of reclaiming the $2300+ zone to prevent further decline, with $2210 seen as a critical support level.
- If Ethereum fails to maintain levels above $2300, it risks a bearish retest and potential further downward movement toward the $1780-$1840 support zone.
- At present, ETH is trading at $2,185, marking an 8.42% drop in 24 hours and a 13.87% decrease over the past week.
- Analysts suggest that Ethereum's ability to hold above $2200 may lead to a rebound, with a long-term price target ranging from $8000 to $10,000.
- Despite potential for recovery, market sentiment remains pessimistic as Ethereum's bearish trend persists.
- The break below $2500 support is seen as a crucial turning point, signaling increased bearish pressure.
- Traders are closely watching Ethereum's price movements to gauge potential outcomes as it navigates key support and resistance levels.
- Analysts emphasize the importance of Ethereum staying above the $2200 region to sustain a favorable accumulation phase.
- The purchasing price range of $2200 to $1800 is considered optimal by some market experts.
- Overall, Ethereum's current performance is reliant on its ability to hold key support levels and reverse the prevailing bearish sentiment.
- TRON also attracts attention with a strong target around $0.290 in the near term.
- Ethereum's price direction in the short term will largely depend on its ability to reclaim crucial support levels amidst market volatility.
Read Full Article
19 Likes
For uninterrupted reading, download the app