Is This Ethereum (ETH) Price Final Correction Before Achieving $4K Mark?

The cryptocurrency market has corrected 1.51% within the past day, indicating reduced bullish influence in the crypto space. Moreover, top tokens have displayed a consolidated price movement over the past few days, suggesting a weak price action for these altcoins during the upcoming days.

Furthermore, post-approval of the Ethereum ETF, the ETH coin price traded under a strong bullish sentiment for a brief period. However, since the week’s start Ethereum (ETH) price has displayed a high possibility of a bearish reversal in its price chart.

ETH Token Hints A Bearish Reversal!

Following the cross-border market correction on Wednesday, the altcoin leader, ETH price, has recorded a correction of 2.58% with a drop of 11.28% in its trading volume to $16.596 Billion within the past day.

Moreover, the Ethereum token has added less than 0.10% over the past seven days, indicating weak buying and selling pressure for the crypto token.

TradingView: ETH/USDT

The ETH coin price continues to hover close to its important support level of $3,730, indicating a cool-off in the price action. Moreover, the SMA indicator shows a bearish crossover in the 1D time frame, indicating an increase in the selling pressure within the crypto space.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram. Further, the averages record a high possibility of a bearish convergence, suggesting a weak price action for the altcoin leader in the market.

Will ETH Price Reclaim 4K This June?

Suppose the market holds the price above the support level of $3,730. In that case, the bulls will regain momentum and the Ethereum token will prepare to retest its important resistance level of $4,095 during the upcoming weeks.

Conversely, if the bears overpowered the bulls, the ETH coin price would break down its support level of $3,730 and plunge toward its lower support level of $3,400 in the coming time.

Related posts

5 Top Cryptos to Buy for Massive Gains in 2024 (March Edition)

EdaFace Admin

Senior Analyst Explains Why Coinbase Volumes Are ‘Dead’ Even After EdaFace’s Staggering Rally

EdaFace Admin

GameStop’s NFT Marketplace Opening Week Sales Eclipses CoinBase Volume

EdaFace Admin

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More