Ethereum price sustained above $4000 amid multiple bearish divergences in the recent past. No doubt the asset revisited the levels below this level a couple of times, it quickly rebounded and manifested the strength in the rally. But currently, the ETH price is gradually falling apart and revisiting below $4000 currently may imply the consolidation between $3800 to $3950 could be fast approaching.
Where Ethereum (ETH) Price is Heading Next ?
The ETH price for a month is hovering around $4500, yet never opened the day’s trade on a bearish note at the levels around $4100. And hence the current trend haunts the rally to drop below $3900 and consolidate for a while. The present day’s candle is scarier as currently, bulls remain passive and buying is almost negligible. Despite multiple negative scenarios, yet the bears may not have much room to flourish.
- The Ethereum price broke down the trend line in the early trading hours and tested the $4000 support levels
- If these levels are not held strong, then the asset may plunge down towards the next support just below $4000 at $3900.
- Yet the strong support zone resides in between $3854 and $3811, which may hold the price and help to accumulate some strength
- The RSI has bottomed below the average levels and trying to rise but failing since the early trading hours
- On the other hand, MACD displays negligible buying but selling has also not mounted. And hence a rebound may be possible only if the bulls enter as bears are also passive
Collectively, Ethereum after undergoing a sustained rally may experience a pullback. However, the pullback may not be a massive one compared to that of the other assets like Bitcoin or Solana or Dogecoin. Yet each drop may be a good opportunity to accumulate more as ETH price could shoot up very soon and end the yearly trade forming a new ATH.