Amid increased volatility in the crypto market, top tokens have displayed a negative price action since the start of the week. Further, with the price of Bitcoin hovering around the $59,000 level, the Ethereum price has plunged below its important support of $2,500.
With questions like “Will ETH price hit $3K?” and “How high will Ethereum price go in 2024?” on a constant rise, investors are concerned about their investment in this digital oil.
In this article, we have covered the market sentiments, price action, and possible price targets of the 2nd largest cryptocurrency by market capitalization.
ETH Coin Price Breaks Its Crucial Support Zone
With a drop of 8.12% in the past day, the Ethereum token has plunged below its important support zone. Further, the altcoin has also broken down the ascending triangle pattern in the 1D time frame. This highlights increased selling-over-buying pressure in the market.
Notably, the altcoin has continued trading under a bearish sentiment by losing 5.66% in the past week and 23.68% over the past 30 days. With a trading price of $2,459.80, the Ethereum token has a market capitalization of $295.658 Billion.
Ethereum Market Sentiments
The MACD indicator has displayed a constant decline in the green histogram. Further, the averages show a high possibility of a bearish convergence in the 1D time frame. This indicates an increase in the selling pressure for the ETH price in the market.
Further, the Relative Strength Index (RSI) has recorded a sharp plunge toward the oversold range. Moreover, its average trendline has recorded a negative crossover. This highlights a negative outlook for the altcoin leader in the coming time.
Will ETH Price Reclaim $3,000 This September?
If the market regains momentum, the Ethereum price will reclaim its resistance level of $2,500. Maintaining the price at that level will set the stage for this altcoin to head toward its upper resistance level of $2,800 during the upcoming week.
On the flip side, if the bears continue to dominate the cryptocurrency market. This could result in the ETH price plunging toward its crucial support trendline of $2,200.
