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Looking at the Ethereum forecast and seeing that the situation with ETH appears ambiguous. The price is currently holding around $2,320-$2,360 after recently spiking to $2,416. This is a typical correction after a sharp increase of about 10%, when traders start taking profits.
The main level I’m watching is $2,312. This is not just a random number; it’s a real support line that coincides with the 14-day moving average and has been tested several times by the market. If this level is broken downward, the Ethereum forecast turns bearish, and the next target for decline is around $2,173, which is a 6% drop from current levels.
What worsens the situation is the rotation of capital into Bitcoin. BTC dominance is growing, which means altcoins, including ETH, are experiencing a withdrawal of attention. Plus, the overall crypto market has lost about 1.12%, and trading volumes have decreased. The ETH/BTC ratio cannot stabilize, which is another sign of altcoin weakness.
But there is no panic. If buyers can hold the $2,312 level and then break through the resistance at $2,360-$2,400, the Ethereum forecast could turn positive again. Everything depends on this key support level. For now, it’s just uncertainty, not a bearish collapse.