Ethereum (ETH) saw a notable price increase over the past 24 hours, gaining 4.85%. However, short-term indicators suggest a bearish trend. According to CoinMarketCap, the hourly chart shows the rate of ETH is currently looking bearish. If the daily bar closes near the support level of $1,560, it could lead to a breakout followed by further decline to the $1,550 zone. Buyers have struggled to sustain growth after yesterday’s bullish close. If the bar closes near current prices, a drop to the $1,500 area is likely. Looking at the mid-term, analysts will be watching for the weekly candle’s closure on the $1,521 level. A breakout could signal a continued correction towards the $1,300-$1,400 range. Ethereum currently trades around $1,570 as of press time.