Ethereum Price Drops 3.5% Amid Crypto Market Downturn

Ethereum (ETH) Price Prediction for February 18

The cryptocurrency market is experiencing a downturn, with all top 10 coins trading in the red zone. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is no exception. Over the last 24 hours, ETH has declined by 3.51%, with its price currently hovering around $2,722.

On the hourly chart, ETH's price is retracing to the local resistance level of $2,756. If the bullish momentum continues, we may see a test of the upper level by tomorrow. However, on the bigger time frame, the situation remains neutral. The price of the main altcoin is accumulating energy for a further move.

Analysts suggest that the ongoing consolidation in the range of $2,600-$2,800 is the most likely scenario, as neither the bulls nor the bears have seized the initiative yet. From a midterm perspective, it is too early to make distant predictions, as the volume is low, indicating a low probability of sharp moves by the end of the month.