Will Ethereum (ETH) Price Plunge To $2.8K As Bearish Trend Intensifies?

Following the worldwide market correction at the start of the month, the ETH price has been displaying a neutral trend in its chart, suggesting a constant decline in the price action for this altcoin in the market. 

The Ethereum token has recorded a correction of 14.28% over the past 30 days but has recorded a Year-to-Date (YTD) of 37.68%. Moreover, the pending approval of the spot Ethereum ETF could play a significant role in future price action which could result in either way.

ETH Price On The Verge Of A Major Breakout:

The altcoins leader, Ethereum price, continues to hover close to its important support level at $3,150, highlighting a weak price sentiment for it in the crypto market. Moreover, it has formed a symmetric triangle pattern in the 1D time frame.

The Ethereum token is presently trading within the triangle close to its support trend line and is on the verge of testing its resistance zone, the outcome of which is unpredictable.

Furthermore, the ETH price has added less than 1% within the past seven days, highlighting a switch of interest among investors toward other cryptocurrency tokens.

Ethereum’s Market Sentiments:

The Cross EMA 50-day acts as a resistance to the price chart in the 1D time frame, indicating uncertainty in price action for the leader of altcoins this week.

On the other hand, the RSI shows a neutral trend, highlighting weak buying and selling pressure for the ETH price.

Will ETH Price Hit $4,000 In Q2?

If Ethereum successfully breaks out of the symmetric triangle pattern, it will test its resistance level of $3,697.25 by the coming week. Maintaining the price at that level will set the stage for the ETH token to attempt to test its upper resistance level of $4,000 during the upcoming month.

Negatively, if a trend reversal occurs, the altcoin leader will break down its support trend line and fall toward its lower level of $2,800 in the coming time.