Price Analysis

ETH Price Survival Above $3K Under Question, Bulls Face Heat?

With an overnight fall in the crypto market, the altcoins took a huge hit and promptly halted the recovery rally. Amidst the crash, the biggest altcoin, Ethereum, dropped overnight as the ETH price declined 2.50%. 

As the recent hiccup coupled with the broader market fear of an intense correction, warns of a drop to $3000. However, the long-term price trend and the history of Bitcoin Halving bringing an altcoin season teases a potential bull run. 

Check our ETH price prediction to learn more about Ethereum’s coming range.

Final Nail Or The Last Pullback?

With a market cap of $382 Billion, Ethereum has declined over the past few weeks, accounting for an 18% drop. However, the ETH price fall takes support at the 50% Fibonacci level at $2850.

TradingView

The recent correction prolongs the consolidation in the weekly chart between the 50% and 61.80% Fibonacci levels. However, the lower price rejection from 50% Fib level leading to the sustenance above $3000 teases a bullish break. 

Currently, the ETH price trades at $3140 with an intraday Doji candle reflecting an indecision in the altcoin. Considering the market avoids any further dip, Ethereum could find an opportunity to restart the uptrend. 

Technical indicators:

MACD: The bearish crossover in the MACD and signal lines in the weekly chart results from the recent pullback phase. However, a bounce back from the 50% Fib level in ETH price could restart the positive trajectory. 

DMI: The ADX line witnesses a downtick, reflecting a loss in trend momentum. Further, the VI lines are preparing for a bearish cross due to the pullback phase. 

Will ETH Price Challenge To $4,000?

Considering the bull run revives for the biggest altcoin, ETH price could break the overhead resistance of $3265 and signal a breakout entry opportunity. The bull run might challenge the solid resistance of $4000, resulting in a 25% rise. 

Conversely, the chances of a drop to $3,000 are minimal but concernable. 

SOURCE

Leave a Comment

MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf MrSf