The cryptocurrency market started the second week of July on a bearish note by recording a correction of 4.07% in its global market capitalization. Further, top tokens have experienced a strong pullback toward their crucial support levels, indicating a strong bearish sentiment.
Moreover, the altcoin leader, Ethereum price, has displayed a similar trend by dropping approximately 5.50% within the past 2 days after failing to hold its value above the $3,000 mark.
However, with a potential listing of the EthereumETF this week, will ETH price make a comeback or break down its crucial support? Let’s go as, in this article, we have covered the price analysis of the Ethereum token and also its potential monthly targets.
The Ethereum price has continued to trade in a descending channel pattern since June, indicating a strong bearish sentiment for the altcoin leader in the crypto space. Moreover, the ETH price hovers close to its support trendline, suggesting weak buying pressure.
Moreover, despite recording a jump of 4.39% on Saturday, the ETH crypto price has dropped 3.86% within the past 24 hours with a trading volume of $14.267 Billion. Further, it has plunged 15.92% within the past week and 20.50% over the last 30 days.
Positively, the Ethereum price chart has formed a strong support zone around its $2,800 level, highlighting a strong buying pressure at that point. This indicates a high possibility of a bullish reversal for the price of ETH at that level.
The technical indicator, MACD, displays a constant rise in the red histogram, indicating an increase in the selling-over-buying pressure in the crypto space. Further, the averages show a negative pattern, suggesting a bearish outlook for the ETH token this week.
Moreover, the Simple Moving Average (SMA) has recorded a sharp decline in its price chart, suggesting a weak bullish influence in the cryptocurrency market.
If the Ethereum bulls successfully retest its crucial support zone, the altcoin leader will regain momentum and test its resistance level of $3,000. Furthermore, if the market holds the ETH price at that level, it will prepare to test its upper resistance level of $3,400 this month.
Conversely, if the bears continue to dominate the crypto market, the Ethereum price will break down its crucial support zone and plunge toward its low of $2,625 during the upcoming weeks.
Read Also: Bitcoin, Ethereum, And XRP Price Prediction: Has The Bull Rally Resumed?
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