Ethereum
ETH Price To Plunge To $3.2K During This Crypto Market Crash?
With a 74.63% surge in its trading volume and a 3.56% price correction over the past 24 hours, Ethereum price has plunged below its important level of $3,500. Moreover, with bearish sentiment rising, market sentiments suggest a further decline in its value.
In particular, the altcoin leader, ETH Price, started this week on a bearish note losing more than 5% in valuation over the last 2 days. Additionally, the price continues to struggle to reclaim the $3,500 mark, indicating a negative influence in the crypto space.
With the ongoing cross-border market correction, will the Ethereum token make a comeback this week? Or will its price plunge towards its crucial support level of $3,200? Dive in because in this article we have covered market sentiments and short term price analysis of Ethereum crypto.
ETH Coin Price on the Verge of a Major Breakdown:
After hovering near its important support level of $3,700 for a brief period following the SEC’s approval of the Ethereum ETF, the bulls failed to sustain the value above its support level . This resulted in the Ethereum Price experiences a break in its price table.
TradingView: ETH/USDT
Since the outage, the ETH token has been consistently trading in a closed range between $3,400 and $3,700, highlighting the altcoin’s price weakness in the crypto market.
Additionally, the altcoin leader has formed a symmetrical triangle pattern during the 1D timeframe and is about to test its support trendline, the outcome of which is uncertain.
Ethereum Market Sentiments:
The simple moving average (SMA) is showing a bearish crossover on the 1D timeframe, suggesting weak bullish sentiment in the crypto space.
The technical indicator, RSI, fails to gain momentum, allowing it to register a bearish reversal above the midpoint. Additionally, it is now heading towards its oversold range, highlighting an increase in sell-on-buy pressure of the Ethereum token in the market.
Will the price of ETH increase?
If the bulls hold the Ethereum crypto above the symmetrical triangle pattern support trendline, it will test its resistance level of $3,730. Maintaining the value at this level will set the stage for the ETH coin price to attempt to test its upper resistance level of $4,094.75 this month.
How high will ETH go?
On the contrary, if the bears dominate the bulls, Ethereum price will continue to trade under negative influence, break its support trendline and test its $3,400 support level this week.
Moreover, if the bearish sentiment intensifies and the bears continue to dominate the market, the ETH token will dive further and prepare to test its crucial support level of $3,000 in the times to come.
Read also: Bitcoin, Ethereum and XRP Price Prediction: Is the Bull Rally Over?