Ethereum (ETH) is currently navigating a challenging market, experiencing a notable decline as the week draws to a close. Traders and investors are closely watching key price levels to understand the altcoin's immediate future, with technical analysis suggesting a prevailing bearish sentiment.
Short-Term Price Dynamics
Over the past 24 hours, Ethereum's rate has dipped by nearly 2%, reflecting broader market weakness. On the hourly chart, ETH attempted to break a local resistance at $3,976 but saw a false breakout. However, if the daily candle manages to close near this mark, there's a possibility of testing the crucial $4,000 zone in the very near term. This level is pivotal for any potential reversal in short-term momentum.
Mid-Term Outlook and Key Levels
Looking at a longer timeframe, Ethereum has clearly entered a bearish territory after failing to hold above the $4,107 level. As long as the price remains below this significant threshold, sellers are expected to maintain control, potentially driving the rate down to the $3,700-$3,800 range. For a midterm perspective, the weekly candle's closure relative to the $4,107 mark is critical. A weekly close below this point would strongly suggest a continuation of the correction, with the price possibly heading towards the $3,600 level. At press time, Ethereum is trading around $3,937, underscoring the immediate pressure on its valuation.
