ETH Price Survival Above $3K Under Question, Bulls Face Heat?

With an overnight fall in the crypto market, the altcoins took a huge hit and promptly halted the recovery rally. Amidst the crash, the biggest altcoin, Ethereum, dropped overnight as the ETH price declined 2.50%. 

As the recent hiccup coupled with the broader market fear of an intense correction, warns of a drop to $3000. However, the long-term price trend and the history of Bitcoin Halving bringing an altcoin season teases a potential bull run. 

Check our ETH price prediction to learn more about Ethereum’s coming range.

Final Nail Or The Last Pullback?

With a market cap of $382 Billion, Ethereum has declined over the past few weeks, accounting for an 18% drop. However, the ETH price fall takes support at the 50% Fibonacci level at $2850.

The recent correction prolongs the consolidation in the weekly chart between the 50% and 61.80% Fibonacci levels. However, the lower price rejection from 50% Fib level leading to the sustenance above $3000 teases a bullish break. 

Currently, the ETH price trades at $3140 with an intraday Doji candle reflecting an indecision in the altcoin. Considering the market avoids any further dip, Ethereum could find an opportunity to restart the uptrend. 

Read Also : Ethereum Sees Decline In Whale Interest Amid Rising Bearish Threats: What’s Next For ETH Price?

Technical indicators:

MACD: The bearish crossover in the MACD and signal lines in the weekly chart results from the recent pullback phase. However, a bounce back from the 50% Fib level in ETH price could restart the positive trajectory. 

DMI: The ADX line witnesses a downtick, reflecting a loss in trend momentum. Further, the VI lines are preparing for a bearish cross due to the pullback phase. 

Will ETH Price Challenge To $4,000?

Considering the bull run revives for the biggest altcoin, ETH price could break the overhead resistance of $3265 and signal a breakout entry opportunity. The bull run might challenge the solid resistance of $4000, resulting in a 25% rise. 

Conversely, the chances of a drop to $3,000 are minimal but concernable.