Amid increased volatility in the crypto market, the ETH price has displayed a neutral price action by hovering close to its $3,100 level. Positively, the altcoin leader had reclaimed the $3K mark, following the bullish reversal, the crypto space had experienced during the previous week.
Are you curious to find out if “will Ethereum go over $5,000 mark this year?” and considering stacking up ETH tokens? But concerned if this is the right time to buy? Dive in as, in this article, we have covered the market sentiments and price targets of this altcoin for the upcoming week.
The altcoin leader, ETH price, continues to trade within an ascending channel pattern, indicating increased bullish sentiment for the crypto token in the market. Positively, the Ethereum token has added roughly 1% with a trading volume of $11.02 Billion (+31.99%) within the past day.
Moreover, it has added 5.86% over the past seven days and a surge of 35.94% since the year started, highlighting a positive outlook for the ETH token during the upcoming bull rally.
However, the EMA 200-day acts as a resistance to the price chart in the 4H time frame, suggesting an increase in the negative price sentiment for the Ethereum token in the short-term perspective.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, highlighting increased selling-over-buying pressure in the cryptocurrency market. Moreover, the averages show a constant decline in the chart, suggesting a bearish price action for the altcoin this week.
With the increasing volatility in the crypto market, if ETH price holds its value above the $3K mark, the bulls will prepare to test its resistance level of $3,200. Maintaining the price will set the stage for Ethereum to attempt to test its upper resistance level of $3,400 during the upcoming time.
Conversely, if the market experiences an increase in selling pressure, the altcoin will test its support trendline this week. Further, if the bears dominate the market, the Ethereum price will bleed and fall to test its lower support level of $2,800 this month.
Also Check Out : Ethereum ETF Verdict on Horizon: Will Security Concerns Be Looked at? What to Expect from SEC’s Upcoming Decision
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