Ethereum Bulls Struggling to Clear $3400—Here’s What’s Next for the ETH Price Ahead of a ‘Golden Cross’

The recent rise has helped the Ethereum price to reclaim the range that it traded before the August drop. After the July rebound, the price failed to clear the $3500 resistance, causing an extreme exhaustion of the bulls. As a result, the price further fell into a deep bearish well, marking the bottom close to $2100. Interestingly, the ETH price has encountered a similar trade setup, suggesting the possibility of repeating the previous price action. 

Will the ETH price fail to clear $3400? Will this move trigger an extended bearish action below $3000?

In the short term, the ETH price appears to be primed for a pullback, as the BTC price is showing signs of a pullback. It is assumed that if Bitcoin retraces more to $88,000 or slightly below, the second-largest token is expected to drain slightly lower to the 50-day EMA, which is aligning with the last support at psychological levels at $3000. What’s next? Will Ethereum test these levels?

The ETH bears are restricting the rally at $3400 for over the past couple of months, making it one of the important levels to secure. While the markets are experiencing a rise in selling pressure, the possibility of an extended pullback close to $3200 appears to be evident. However, the 50/200 day MA is heading towards a bullish crossover, suggesting a ‘Golden Cross’.

Previously, during the Death Cross in August, the price lost over 35%, and hence the first Golden Cross of the year is expected to trigger a fine bull run pushing the levels back to the yearly highs. Now that the ETH price is showing some resilience and holding strong around the $3500 mark, this could be a signal for the next bullish breakout.