The cryptocurrency market leader, Bitcoin price, failed to hold its price above the $70K mark and continues to display a weak price action. This resulted in top altcoins recording significant corrections in their respective portfolios over the past weekend.
On the other hand, the altcoin leader, the Ethereum token, has followed in the footsteps of the market leader and displayed a similar trend, indicating the increased bearish sentiment in the crypto space.
Amid increased price volatility in the crypto market, will ETH price record a bullish bounce back and head toward its target of $4,000 mark or plunge toward its lower support level of $3,400 this week?
The Ethereum coin price continues to display a weak price action by recording a correction of approximately 1% with a trading volume of +11.95% within the past day and has lost 3.68% over the past week, indicating a rising disinterest of investors in it.
The ETH token had recorded a significant jump to its portfolio post approval of the Spot Ethereum ETF by the Securities and Exchange Commission (SEC). However, amid increased price volatility, the Ethereum price hovered close to its important support level of $3,730 for about two weeks.
Following this, the bulls lost momentum, resulting in the Ethereum crypto breaking down its support level. This indicates an increase in the bearish sentiment.
The Cross EMA 50/200-day shows a decline in the rising pattern, indicating a strong possibility of a bearish reversal in the coming time.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the red histogram, highlighting increased selling pressure for the altcoin in the crypto space. Furthermore, the averages show a bearish trend, suggesting a negative outlook for the Ethereum token this week.
If the market pushes the ETH coin price above the resistance level of $3,730, the bulls will regain momentum and prepare to test its upper resistance level of $4,100 this month.
Conversely, if the bears overpowered the bulls, the price would lose momentum and test its support level of $3,400. Furthermore, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $3,000 during the coming time.
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