Ethereum Price Faces Risk of Decline to $2,350 Following Lower Lows
The Ethereum price reached a new monthly high earlier this week but has since experienced a decline, indicating a possible end to its recent bullish trend.
Current Market Analysis
- Monday saw a bullish rise, with ETH touching $2,700, marking a significant recovery.
- Tuesday continued the upward trend with a higher close, suggesting bullish momentum.
- By Wednesday, the market shifted to consolidation, leading to the first red close of the week, signaling potential bearishness.
- Thursday confirmed this trend with further declines and testing of previous lows.
Analyst Gianni Pichichero noted the formation of lower lows, raising concerns about a possible breakdown below $2,400. He advises looking for sell opportunities in light of recent bearish signals.
