Ethereum Price Drops Below $2,400 as Bearish Sentiment Grows

• Ethereum’s price has dropped to $2,304, showing a strong downward trend.
• Economic perception is deteriorating, with traders being vigilant about taking positions.
• Ethereum may face more challenges if it drops below specific support levels.

Ethereum’s costs have seen a rapid drop, currently dipping below the $2,400 mark. As of the latest data from CoinMarketCap, ETH is currently quoted at $2,304.03, representing a 4.48% decrease within the past day. The market cap has also fallen by a similar margin, now standing at $277.27 billion. Despite the drop in cost, the 24-hour trading volume has risen by 124.52%, indicating substantial financial activity as investors react to the downturn.

The circulating count of the coin remains stable at 120,339,716 ETH, which is also the total supply, suggesting no major changes in the issuance or burning of its tokens. The rates chart shows a consistent lower trend starting from a high of $2,412 within the last 24 hours, leading to the current expenses of $2,304. The decline began during the late evening hours and continued through the night, with brief periods of recovery, but the overall trajectory remains selling.

Source:Coinmarketcap

Market sentiment appears to be bearish, with investors likely concerned about broader financial trends, including Bitcoin’s dominance and fluctuations. Its performance is closely tied to the overall digital asset trade, and the current trend suggests a cautious approach among traders. The decline also comes amid a period of increased volatility in the crypto space, with Ethereum facing resistance at the $2,400 level, which it struggled to maintain.

Ethereum Expected to Test Lower Support Limits Amid Bearish Sentiment

Ethereum is showing signs of further bearish movement, with a recent tweet by crypto trader Bull (@altbullx) indicating that ETH is likely to test lower support levels. According to the chart shared in the post, the coin is currently trading at $2,344.85, down by 2.95% within the day. The chart suggests that it might be heading towards the lower green box area, which is identified as a critical obstacle zone.

The chart displays the token’s performance against Tether (USDT) in a perpetual contract, showing a sharp drop from above $2,400 to the present grades. The trader’s analysis implies that the coin could further test this zone, possibly dipping as low as $2,220 if bearish speed continues.

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Ethereum’s current market conditions reflect broader negative sentiment, as investors appear cautious about the digital asset’s short-term prospects. The sell and buy signals displayed on the chart, at $2,345.42 and $2,345.43, respectively, further underline the indecision in the market, with traders unsure whether to take positions at the current levels or wait for a more pronounced move.

The anticipated move towards the lower support zone aligns with the recent lower trajectory observed in Ethereum’s label action. If the price breaches the $2,272 level, the next critical lowest area is expected to be around $2,220, which could serve as a buffer against further declines. However, if the currency fails to hold these levels, it may face serious challenges in regaining bullish gains in the near term.