Ethereum Price Dynamics
Ethereum (ETHUSD) has continued its downward trajectory, breaking through the $2,623.77 support level and pressing towards $2,545.00. The cryptocurrency is under significant negative pressure, with the price expected to decline further in the upcoming sessions, targeting $2,360.00 and potentially reaching $2,168.74 as subsequent targets.
Technical Indicators and Outlook
The bearish trend is reinforced by the negative pressure from the EMA50. A break below the $2,623.77 support suggests further declines, but should the price manage to recover above this level, it could signal a potential rebound towards $2,905.30.
Trading Range and Forecast
For today, August 12, 2024, Ethereum is anticipated to trade between $2,400.00 (support) and $2,650.00 (resistance).
Overall Trend
The forecast remains bearish, with further declines expected unless Ethereum can break above the $2,623.77 resistance level and recover towards higher targets.
