A Look at Ethereum and its Expected Medium-Term Movement

The strong downward trend continues to push the cryptocurrency market down, resulting in weekly losses. Ethereum was among the cryptocurrencies that experienced a significant decline recently.

The cryptocurrency continued its decline, reaching levels of $1739, which coincided with strong buying pressure that stemmed the cryptocurrency's losses.

After reaching the buying pressure, the cryptocurrency began to move sideways and recovered, rising to levels of $2148, achieving gains of approximately 10% during that period.

Based on the current movement and behavior of the cryptocurrency, some strong indicators have begun to emerge that support an upward trend in the medium term. However, this is contingent on breaking through and closing above the resistance level, specifically above $2148.

If the resistance levels are broken, the cryptocurrency is expected to continue its upward trend towards the targets near $2450 and $2730, respectively.

If the cryptocurrency market continues to decline, this will affect Ethereum, potentially pushing it below current buying pressure levels and causing it to continue its downward trend towards the next support level near $1376.