Ethereum Rises 0.5% But Faces Bearish Pressure

Ethereum (ETH) has experienced a slight increase of 0.5% over the past 24 hours, with most coins currently in the green zone. The hourly chart indicates that ETH is testing local support at $2,577. If this support level is breached, the price could potentially fall to the $2,500 range. On a larger time frame, the price of the main altcoin is declining following a bearish closure the previous day. If the current trend persists, there is a possibility of an ongoing decline to the $2,400 zone by the end of the week.

From a midterm perspective, attention should be focused on the weekly candle's closure in relation to the $2,608 level. If the closure occurs significantly below this level, bears may gain control, potentially leading to a drop to the $2,400 zone. At the time of press, Ethereum is trading at $2,579.