Ethereum price appears to have stuck up within a narrow range, yet above $3000 wherein a pullback could drag below these levels
Where the price is expected to pull a leg up after healthy consolidation, yet the fear of dumping below key levels at $3000 also cannot be neglected
Yet the rebound is expected to be a notable one with a surge above these levels to form new ATH beyond $4400
As the most dominant crypto Bitcoin price smashed $50,000 levels, the entire crypto space followed a similar path. Ethereum price also jumped above $3200 and aimed to break the upper resistance at $3605. But with a couple of rejections at $3340, compelled the ETH price to hover around $3000.Â
Despite a notable fight back, the indicators point out towards a substantial bearish divergence haunting the rally. The price held a strong grip over the uptrend a month ago, and the current pullback is testing the trend. If the selling intensifies, the possibility of breaking down the trend line could surface the waters.
Also Read: This Is When Bitcoin Price Could Hit $60,000, Is New ATH Within The Limits?
The indicators were pretty bullish as the market flipped in the favour of bulls. But with the accumulation, the trend showcases a bearish divergence. The RSI is slowly tumbling down whereas MACD displays extensive selling. The passiveness of the bulls yet remains a matter of concern as only mounting buying pressure could break through the consolidation.
No doubt the Ethereum price is still self-assured to hit the highs and continue to rally towards the milestone at $5000. However, the need of the hour is to prevent the ETH price to visit the support zone. A slippage from this zone could enable the price to hit lower lows where-in a notable bounce back may require enormous efforts.Â
Also Read: Analyst Maps Next Target Levels for Cosmos(ATOM), Avalanche(AVAX), Elrond(EGLD) & SushiSwap (SUSHI)
