The crypto markets are displaying a diverse trend every day as volatility levels are constantly dropping. Without any major price variation, the Ethereum price is trying hard to sustain above the crucial support at $3821. Hence, it appears that the token is maintaining a strong ascending trajectory but, in fact, is facing a significant bearish heat. Moreover, the ETH price has failed to reclaim the highs it achieved in the past 48 hours, indicating a loss of bullish strength.
The ETH price continues to chop within a range after facing rejection from the yearly highs above $4000. However, it is expected to continue chopping around the same range for some more time as the bulls have been failing to secure minor gains. Does this indicate the traders still are not hopeful despite the launch of spot ETH ETF?
As per some reports, Ethereum’s spot trading volume has soared very high after the launch, which has also increased the volume. However, this volume appears to be lower than the required range and as a result, the second-largest token could consolidate for more time than expected.
The short-term price analysis of the 1-hour chart displays a clear bearish trend that may be continued ahead. After breaking down from the rising parallel channel, the ETH price has begun to trade within a descending parallel channel. Moreover, it has been failing constantly to breach the resistance, which signifies the drowning strength of the bulls. Now that the price failed to hold the local support at $3822, the Ethereum price is expected to lose the $3800 mark and hit the bottom at $3780 or slightly below.
Currently, a significant bearish pressure has been mounted over the ETH price as it is trading around $3805 with a small drop of 1.86%. Therefore, in the next few hours, the price is expected to test the lower support of the channel, which may initiate a bullish rebound in no time.
