On October 4, a critical shift was observed in the trajectory of Ethereum (ETH) as it veered towards a downward trend. The significant digital currency exhibited a nearly 1% decrease within a 24-hour span, joining the group of cryptocurrencies that experienced a decline.
Hourly Breakdown of ETH’s Performance
When we delve into the ETH price analysis for October 4 on an hourly basis, a bearish trend is evident. The currency seems to be retreating towards its recently established support level of $1,625. Should the day’s candle close near this point, it could potentially trigger a further plunge towards the $1,600 zone.
Daily Overview of ETH’s Trend
Looking at the daily chart, a similar trend can be observed. The ETH bar is poised to close below the interim level of $1,637. If this scenario plays out, the likelihood of a continued descent to the $1,600 zone increases.
Weekly ETH Performance Summary
When we expand our view to the weekly chart, it’s clear that ETH’s price has stumbled. After a bullish candle, the primary altcoin failed to sustain its upward momentum, indicating that it may not be primed for a rise just yet. In this context, the possibility of a test of the $1,542 support level seems increasingly likely.
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At the time of the report, Ethereum was trading at $1,634. As the ETH price analysis for October 4 has shown, the cryptocurrency market can be unpredictable and volatile. Staying abreast of these changes is key to making informed investment decisions.
