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- Ethereum is testing the crucial $2,630 support, determining whether it will continue upward or fall further.
- A drop below $2,471 may trigger a larger correction, with bears potentially taking charge of the market.
- The next few days are critical for Ethereum, as its price action will shape its short-term market direction.
ETH is hovering near its vital support at an ascending trendline, which is right around $2,630 on the 4-hour chart. Rose Premium Signals highlighted that this level is crucial to decide whether prices will continue moving higher or fall even further. A break below $2,000 could reveal further downward movement in ETH, so traders are keeping a close eye on the situation.
The rising trendline has helped Ethereum in the past few weeks, but Ethereum falling below it now has raised concerns. A fall below the trendline could lead to a big change in the market, making traders aim to buy near lower prices. The first important level to monitor is $2,532 and then $2,471. If these levels are broken, bears may have taken the lead.
Source: X
Ethereum’s sudden fall and inability to maintain its trendline indicate that bulls are losing their control. If Ethereum fails to hold this key level in the upcoming hours, buyers can expect sellers to enter and push the price down further. There is a growing tendency for the market to move lower if the trendline is broken.
Ethereum’s Market Outlook
Ethereum’s next few days of price action will play a big role in determining its near-term direction. As long as prices keep moving below essential support zones, further decreases could happen. A bounce from the trendline may signal that the price is getting ready to jump and sentiment could turn bullish again. Traders are paying close attention to Ethereum’s response at critical levels.
If the $2,471 level is reached, it could point to a big correction for Ethereum. If the market retreated below the line that connects the recent highs, it could prompt investors to worry and cause changes throughout the market. There is growing pressure on Ethereum and traders expect it to show a clear movement soon.
Ethereum (ETH) is currently valued at $2,645 and during the past day, its trading volume reached $26.62 billion. The cryptocurrency has experienced a 1.16% rise over the last day and a 0.74% increase in price over the past week.
As other parts of the crypto market go up and down, Ethereum cannot escape these fluctuations. Though the asset has shown strength before, it is now finding it difficult to keep up its upward trend. If Ethereum manages to hold the $2,630 trendline as the market oscillates, it could move upward.
Ethereum’s performance over the next few days will play a key role in its future. Dropping under the trendline could result in a large fall and a solid rise above it may suggest a shift to a bullish market. Investors and traders will pay close attention to Ethereum to find out its direction.
