Ethereum price analysis: ETH continues to decline, $2,400 support broken

Ethereum price analysis is bearish today as we have seen a further decline over the last 24 hours, leading below the $2,400 mark over the last hours. Likely the bearish momentum will continue even further, with the next major target at $2,300.

Timeline of Ethereum

Ethereum (ETH) has fallen back to its previous low of March 7. On March 7, the second largest cryptocurrency fell to the low of $2,447 and then recovered. Today, the Ether price has fallen and is hovering above the $2,425 level.

Fear dominates the crypto market, following six weeks in the red. Many large caps have lost their long-term support, and ETH is one of them after reaching its lowest level since February 24, the day of the invasion.

According to recent news, Instagram might introduce support for non-fungible tokens (NFTs) as soon as next week. NFT Pilot Project to Kick Off in the U.S. Reports suggest that the Meta-owned social media platform is set to announce a pilot…

The Ethereum (ETH) Network recently announced the estimated date of its much anticipated “Merge,” or shift to a proof-of-stake (PoS) model. The declaration proved to be good for the ETH token's price in the short term.

The recent network collapse and gas price surge linked to non-fungible tokens on Solana and Ethereum has raised many questions. Given that both blockchains are leading the NFT game, users currently have no other alternatives.

A brutal attack on the crypto market continues as the Bitcoin price slides below $34,000 while the Ethereum price slides down beneath $2500. While no major possibilities of a rebound are being witnessed at present, the ETH price is expected to crash another 18% to 20% in the upcoming days. And eventually, the traders may …

A bearish reversal from the new descending trendline on May 4 indicates that the traders continue selling on minor pullbacks. The ongoing correction had recently breached the $2800 support and challenged the lower support level of $2500.

Ethereum price analysis is bearish today as we saw a strong drop lower again after consolidation yesterday. Therefore, more downside could follow past the $2,500 next support as selling pressure is still strong.

Instagram plans to integrate non-fungible tokens (NFTs) from top platforms such as Solana, Ethereum Flow, and Polygon, Coindesk reported. The social media platform is expected to announce a pilot scheme as soon as Monday.

Just a day after crashing 7% along with other major cryptocurrencies, Ethereum is back again in the news. There is growing uncertainty over its short-term prediction with different data sets suggesting more confusion for investors.