The majority of cryptocurrencies are experiencing positive price movement this week, according to CoinMarketCap. Specifically, Ethereum (ETH) has seen a 1.51% increase in value over the last 24 hours. However, on the hourly chart, ETH is breaking a local support level of $2,203, and if the daily bar closes significantly below that level, a correction may occur towards the $2,160-$2,180 range. On a larger time frame, traders should pay attention to the closure of the bar around the $2,125 level, as a breakout could lead to a drop to the critical area of $2,000. Despite this, there are currently no reversal signals from a mid-term perspective. If the weekly bar concludes around current prices, there may be a test of the support level at $1,882 in the near future. At the time of writing, Ethereum is being traded at $2,195.



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