The largest altcoin by market capitalization has lost about $333 from its valuation over the last 4 trading sessions. However, the ETH price holds its value above the $3.1k mark, highlighting a potential bullish reversal in the coming time.
With the rising volatility in the crypto market, will Ethereum price retest its yearly high above the $4,000 level, or will the altcoin consolidate around the $3k range? In this article, we have covered the short-term possibilities of the Ethereum (ETH) crypto token.
Amid the increased FOMO-like situation in the cryptocurrency market, the Ethereum price has experienced a strong bearish reversal around its $3.5k range. Reportedly, the altcoin has dropped ~10% since Tuesday, indicating increased liquidation in the market.
However, the altcoin has soared 5.63% over the last 7 days and 17.86% during the past 30 days. With a YTD return of +35.94%, the ETH crypto has a market capitalization of $373.487 billion.
The EMA 50/200-day shows a rising pattern with a high possibility of a Golden Cross in the daily time frame. This suggests a high possibility of a bullish reversal.
However, the RSI indicator may experience a bearish crossover amid increased price volatility in the crypto space. This suggests a mixed price sentiment for the altcoin leader in the crypto market.
If the bullish sentiment sustains, the Ethereum token may retest its resistance level of $3,200 during the upcoming weekend. Maintaining the price above the level could set the stage for it to head toward its $4,000 mark by breaking its upper resistance level of $3,700 this month.
However, if the bears outrun the bulls, the ETH coin price could retest its support trendline of $3,000. Moreover, if the uncertainty intensifies, this could potentially result in its plunging toward its lower support level of $2.8k.
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For an ETH token to achieve that mark, it will require a jump of 28.53%.
With a potential surge, the Ethereum price may achieve the $4,000 mark by the year-end.
With an intraday correction of 2.56%, the ETH token is currently listed at $3,112.
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