"Ethereum (ETH) falls below $2400 despite a slight increase of 0.23% over 24 hours"
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📉 Ethereum below $2400: Is it a temporary correction or a sign of weakness?
Amid the volatility in the cryptocurrency market, Ethereum (ETH), the second largest cryptocurrency by market capitalization, saw a significant decline, breaking the psychological support barrier at $2400. This drop comes despite a slight increase of 0.23% over the last 24 hours, raising questions about the nature of this price movement: Is it the beginning of a new downward wave or just a market breather before resuming upward?
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🔍 Price performance analysis of Ethereum
Current price: approximately $2395 - $2399 (varies by platform)
Daily change: +0.23% (marginal increase)
Important support level: $2400 (broken)
Next resistance level: $2500
Despite minimal daily gains, breaking the support level at $2400 is considered an important technical development, especially amid the overall decline in bullish momentum on shorter time frames.
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📊 Potential factors behind the decline
1. Profit-taking after a rally: Many investors who bought ETH at lower levels have decided to sell as the price approaches $2500.
2. Weak liquidity: In the absence of strong catalysts, trading volumes have decreased, leading to sharper price fluctuations.
3. Bitcoin pressure: Bitcoin's poor performance recently, especially its decline from $70,000, has negatively affected alternative coins (altcoins) including Ethereum.
4. Market awaiting regulatory news: The markets are in a waiting mode for the outcome of regulatory developments, especially in the United States.
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📉 Technical perspective (Technical analysis)
Moving averages (50 and 200 days): Neutral to negative crossovers.
Relative Strength Index (RSI): at 45 – indicates a balanced market leaning towards weakness.
Candlestick pattern: Frequent appearance of selling pressure candles on daily time frames.
Technical analysis indicates a state of hesitation and anxiety in the market, with the possibility of additional declines if ETH does not quickly regain the $2400 level.
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🔮 What’s next? Possible scenarios
Scenario Details
📈 Upward rebound If ETH can regain $2400 and hold above it, we may see an attempt to test $2500 again.
📉 Continued decline If the rebound fails, the $2300 and then $2250 levels will be the next support points.
⏸️ Sideways movement It is also possible that ETH enters a narrow range between $2350 and $2450 awaiting a new catalyst.
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🧠 Psychological perspective
Narrow movements and weak gains reflect a general state of uncertainty among investors. Many traders are adopting a 'wait and see' approach amid fears of further declines. In the markets, this state often precedes a strong move in either direction.
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🧩 Summary
Although Ethereum's rise of 0.23% suggests stability, its breaking below the $2400 level indicates hidden selling pressure or weakness in buying momentum. Investors should pay attention to critical technical levels and approach the market cautiously, considering the fundamental and technical developments that may move the price in the coming days.
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