EthereumPrice Analysis

Is Ethereum Price Falling Into Bearish Trap? This Is When It Could Break From Consolidation!

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Highlights

    Ethereum price currently experiencing a healthy consolidation could either pull a massive leg up else fall into a bearish trap

    Yet the price could embrace the bullish momentum soon as the indicators appear to be very strong in favour of a massive uptrend

Ethereum price after attempting hard to smash $3000 levels for nearly 2 months, recorded 13 straight green candles to march towards $3200. Since then the ETH price seems to trend within a very narrow range pointing towards a healthy accumulation. With dumping close to $3000 but a massive rebound from these levels point out towards a bull run resuming soon.

Conversely, in the short term, a small correction could be hovering the ETH bull rally as the technicals appear to be bearish. The daily chart signals a probable bearish divergence but the $3000 levels could be secure. If not a small dip below these levels would also be short-lived. 

Also Read: Here’s The Next Major Target Levels For Ethereum (ETH), Chainlink (LINK), and Polygon (MATIC)

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Here in the daily Ethereum chart, the indicators appear to be pretty bearish. The trading volume has gone down, MACD is on the verge of giving a bearish signal. Moreover, the RSI is also trending within a descending parallel channel. Interestingly, despite a bearish trend, yet the prices remain ranging towards the north which may validate a substantial correction waiting ahead.

Ethereum price is currently retesting the top of the daily flagging structure. Yet the recent retests coupled with the lower high could facilitate a transition into a new structure. If in case of ETH price sustain above $3300 then the price could march towards $4000 to $1000. 

Also Read: These Metrics Hint at a Bull Rally for BTC, ETH, ADA & XRP

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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.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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