Amid increased price volatility, Bitcoin price has experienced a strong pullback over the past 24 hours. Following this, the Ethereum price has experienced a similar price action by facing rejection around its important resistance level of $2,800.
Planning on investing in this digital asset before the Altseason begins? In this article, we have covered the short-term price prospects of the largest altcoin by market capitalization, the Ethereum (ETH) token.
Despite the ongoing correction in the Ethereum price, Michael van de Poppe, a well-known cryptocurrency analyst with substantial followers of 733.1k feels highly bullish about the ETH crypto token.
Notably, even if Ethereum retests its low of $2,500, the market can still be considered under a bullish sentiment. Moreover, if the price holds its value above the $2,700 level. In that case, the altcoin leader could potentially retest its $3k level to the $3.2k level.
Amid increased price volatility, the ETH coin token had recorded a significant jump over the past week. However, the Ethereum price has faced rejection at its crucial resistance of $2,800. This has resulted in it losing momentum over the past 48 hours.
Notably, the Ethereum token has been trading within the consolidated range between $2,175 and $2,870 since August. This indicates a weak price action for the altcoin in the longer time frame. With a trading price of $2,624.61, it has a market capitalization of $315.48 billion.
The EMA 50-day has displayed a bullish convergence in the 1D time frame. This indicates an increase in the buying-over-selling pressure for the altcoin in the crypto market.
Furthermore, the MACD indicator has displayed a constant green histogram in the ETH crypto price chart. This highlights that the altcoin leader may experience a strong bullish reversal in the coming time.
Suppose, a bullish reversal occurs, in that case, the ETH coin price will retest its important resistance zone around the $2,800 level. Furthermore, if the bullish sentiment intensifies at that point, this could result in it heading toward its upper price target of $3,000 this year.
On the contrary, if the bears outrun the bulls, the Ethereum crypto could retest its support level of $2,530. Moreover, if the bulls fail to regain power at that level, this altcoin could potentially plunge toward its lower support level of $2,200.
Wondering when the 2nd largest crypto token will hit the $5k level? Read our Ethereum (ETH) Price Prediction 2024 – 2030!
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