Ethereum(ETH) Loosing Or Gaining The Momentum? Is $4000 Possible?

• With over 20% rise in a month, ETH price is under bearish correction
• ETH trading below $3550 resistance and short-term moving averages
• A short-term trend forming a downward channel, and a breakout anytime is expected.
• Market sentiment remains positive and demands a rally towards $4000.

With Bitcoin’s (BTC) price facing a downward rally for a week, Ethereum’s price was impacted by downward pressure, reflecting the ongoing market volatility. The king of altcoins, ETH has stabilized price movement today after rising nearly 20% in a month but moving down 7.8% in a week frame.

After Ethereum Spot ETF Approval, the ETH price reflected upward with a rally from $3000 to $3818 and was rejected to roll back to a recent weekly low of $3430.However, the price recovery below $3500 is a significant indication of increased buyers’ interest in the highly bullish speculative altcoin, Ethereum. 

Ethereum Price USD is $3521 at the time of writing, with volume down to 19.9%.

Ethereum Bulls Struggling Hard

The intraday price action shows a mild uptick but a significant one, the ETH price rebounding above $3500 and moving toward resistance at $3560 and $3617. The fresh increase fueled up the market sentiments from consolidation to a holding zone. If the buyers start accumulating now, we can expect a slight break out upward forming new support zones. 

The 4hr ETH/USDT chart reveals a downward moving channel forming along with a cruricial bearish trend line near the resistance of $3560, with new support at $3428.  

The price is moving above all long-term moving averages but below the short-term averages, reflecting corrections in the short term but bouncing back in the long term. 

MACD at -40 has lost momentum in the bearish zone and RSI in 44 is neutral but eyeing towards more selling pressure. 

Will Ethereum Reach $4000 Again Soon?

Ethereum’s price action is parallel to the Bitcoin (BTC) in general market conditions, the recent fundamental updates dont look fueled enough to uplift the ETH price. 

In the recent scenario, Etheteun needs to break above the $3560 resistance, failing to which can lead to a correction below $3400 and $3350. Going below this clears the ground for bears to run near $3270 and more. 

The current technical indicators and Social media sentiments are in a neutral zone, and only the long-term moving averages are helping bulls. The price needs to break above $3560 zone and breakout the downward channel to see new resistance at $3700, $3820. 

A Strong bias on the bulls is likely to take the ETH price to $400 again, but only after corrections.