Ethereum (ETH) showed a slight increase of 0.12% over the past 24 hours, according to CoinMarketCap. Despite a generally bullish weekend market, ETH faces potential declines based on recent price movements.
On the hourly chart, ETH briefly broke below the local support level at $2,522. If the daily candle closes near this level, a deeper drop toward the $2,500 zone is likely.
Longer time frames also suggest a bearish trend. Should the daily candle close at or below current prices without a significant wick, ETH may test the $2,300–$2,400 range in the coming days.
From a midterm perspective, Ethereum recently bounced off resistance near $2,857. A weekly close well below this level could signal renewed selling pressure, potentially pushing prices toward $2,400.
At the time of writing, Ethereum is trading around $2,538.