Crypto price prediction: Ethereum testing support line near a downward trendline

 Crypto analysis: (Ethereum chart analysis)

Ethereum’s price has shown steady growth in recent hours and days. In the last hour, its value has increased by 0.44%, while in the past 24 hours, it has gained 1.27%. Over the past week, Ethereum has risen by 6.84%, reflecting positive market movement. The current price stands at $2013.71per ETH, with a 24-hour trading volume of $6.962 billion. Despite this growth, Ethereum is still 57.30% below its highest-ever price of $4716.45

The total supply of Ethereum in circulation is currently 120.6 million ETH. This gives Ethereum a market capitalization of approximately $236.90 Billion. Market capitalization is an important indicator of the overall value of a cryptocurrency and helps investors assess its position in the market. As Ethereum’s supply remains stable, price movements are largely influenced by market demand, trading activity, and broader economic factors.

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Ethereum's futures market has also seen significant liquidations in the past 24 hours. According to Coinglass data, $25.06 million worth of futures contracts have been liquidated. Among these, $17.13 million were long positions (bets that the price would rise), and $7.93 million were short positions (bets that the price would fall). Liquidations occur when traders' leveraged positions are automatically closed due to price movements, often increasing market volatility.

Currently, Ethereum is testing an important support level near a downward trendline. If the price rebounds from this trendline, Ethereum could attempt to break resistance at $2,070. However, if the price declines, it may find support at $1,800. A further drop below this level could push Ethereum down to $1,500, signaling a potential bearish trend in the market. 

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Technical indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) are showing signs of weakness. Both indicators are below their neutral levels and testing their moving average lines. If they fall further below these levels, selling pressure could increase, leading to more downward momentum in Ethereum’s price. Investors and traders closely watch these indicators to determine potential market trends.

If Ethereum’s daily candlestick closes below $1,500, it could invalidate previous market predictions and lead to further declines. In such a case, the price might drop to the $1,000 psychological support level, a key point for traders.