According to CoinStats, bears are currently in control of the cryptocurrency market. The price of Ethereum (ETH) has dropped by 2.08% since yesterday and continues to show a bearish trend on the hourly chart. If the local support level of $2,755 is broken, a further correction towards the $2,700 zone is likely. On a larger time frame, Ethereum is still far from key levels, and it is important to monitor the daily bar's closure. If the closure happens around $2,700, there is a possibility of a downward move towards $2,600. However, making distant predictions at this point is premature. If the bar closes with a long wick, there could be a local bounce back to the $2,900-$3,000 area. Currently, Ethereum is trading at $2,775.



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