Long-term potentiation (LTP) is a synaptic enhancement that follows brief, high-frequency electrical stimulation in the hippocampus and neocortex. Recent evidence suggests that induction of LTP may require, in addition to postsynaptic Ca2+ entry, activation of metabotropic glutamate receptors and the generation of diffusible intercellular messengers. A new form of synaptic plasticity, homosynaptic long-term depression (LTD) has also recently been documented, which, like LTP, requires Ca2+ entry through the NMDA receptor. Current work suggests that this LTD is a reversal of LTP, and vice versa, and that the mechanisms of LTP and LTD may converge at the level of specific phosphoproteins.