Ethereum (ETH) Drops 5.22% Amid Bearish Market Sentiment
1min read Ethereum (ETH) has experienced a notable decline, with its price dropping by 5.22% over the past 24 hours. This downward trend is evident on the hourly chart, where the bearish momentum continues to dominate. Analysts warn that if support levels are breached, Ethereum could test the $1,900-$1,950 zone in the near future. The daily chart closure around the $1,993 level is crucial, as it could signal a deeper decline to the $1,900 area if the candle closes at current prices.
From a mid-term perspective, sellers maintain control over the market. If buyers fail to defend the critical $2,000 support level, Ethereum's price could drop to the $1,800-$1,900 range by the end of the month. This bearish outlook is supported by the current market sentiment, which indicates a potential downfall to $1,897 as sellers threaten to breach the $2,000 bullish support level.
Despite the bearish signals, there is also a bullish scenario that suggests Ethereum's price could rally to a range of $2,250 to $2,400 by the end of the trading day on March 10. This breakout would signal renewed buying interest and could potentially drive the price higher. Additionally, some predictions indicate that Ethereum might reach a price between $2,695.91 and $2,814.40 within the following weeks, with an average trade price around $2,758.71.
However, Ethereum's price has fallen toward the average cost basis of investors amid issues with the Pectra upgrade, leading to a 3% drop. This decline has raised concerns about the cryptocurrency's ability to maintain its recent gains. Furthermore, some analysts have predicted that Ethereum could fall to as low as $760 if it breaks below the previous cycle's low, which would be the lowest price since the last significant drop.
Despite these challenges, there are also signs of optimism. Ethereum's price has shown resilience, rebounding from $1,990 as analysts predict an 18% price move. This rebound could indicate that the cryptocurrency is finding support at lower levels and may be poised 
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