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Ethereum Potential Reversal on Horizon! ETH Price To hit $6500 This Cycle

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Bitcoin price failed to break the $48,000 resistance level. Major altcoins are moving lower. Ethereum’s price is down over 2% with the price dropping below the $3,500 support. Despite the smart contract hype, Cardano price is still consolidating at $2.5. 

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Will ETH Price Rebound? 

Ethereum price has dropped below $3,500 support and entered the consolidation phase. At the time of writing, the ETH price is trading at $3,465.92.

The altcoin price needs to break the $3,576 pivot to bring the first major resistance level at $3,669 into play. However, positive market sentiments might trigger ETH price to break out from $3,650 levels.

ethereum-potential

In an extended crypto rally, the first major resistance level at $3,675.92 if ETH rises above this level the altcoin can hit the $3,800 level before any pullback. The second major resistance level lies at $3,769.

On the flip side, if the ETH price fails to break the  $3,576 pivot level the first major support level at $3,476 comes into play.  In an extended selling pressure, Ethereum might drop to the potential low price of $3,300 levels. 

Overall, Ether is unstable as the price fluctuates above the current support. As the market fluctuates, there is a tendency for the price to break the current support.

Looking at the Technical Indicators

  • First Major Support Level: $3,476
  • First Major Resistance Level: $3,669

Also Read : Here Is Why Ethereum Price Could Smash $10,000, And It’s Fast Approaching!

Ethereum Price Eyeing $6500

Popular market analyst Peter Brandt recently shared the technical chart for LTC showing a cup and handle formation.

Popular market analyst Raoul Pal responded by saying Ethereum has a similar formation on the technical charts. The “cup and handle” usually follows a bullish price trend if we witness a breakout above the handle.

The cup and handle patterns have a success rate of nearly 65% to 68 %. If the price retests the $4,112 resistance and rises above this level, the ETH price can surge as high as $5,437. As a result, this will trigger another ETH run-up to $6,500 levels

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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