Altcoin
Is this a final correction in the price of Ethereum (ETH) before reaching the $4,000 mark?
The cryptocurrency market recorded a correction of 1.51% over the past day, indicating reduced bullish influence in the cryptocurrency sector. Additionally, major tokens have shown consolidated price movement over the past few days, suggesting weak price action for these altcoins in the coming days.
Furthermore, after the approval of the Ethereum ETF, the ETH coin price traded with strong bullish sentiment for a short time. However, since the beginning of the week, Ethereum (ETH) price has shown a high possibility of a bearish reversal in its price chart.
ETH Token Suggests Bearish Reversal!
Following Wednesday’s cross-border market correction, the leading altcoin, ETH price recorded a correction of 2.58% with a drop of 11.28% in its trading volume to $16.596 billion in the latest day.
Furthermore, the Ethereum token has gained less than 0.10% over the past seven days, indicating weak buying and selling pressure for the crypto token.
TradingView: ETH/USDT
The ETH coin price continues to hover near its important support level of $3,730, indicating a cooling in price action. Furthermore, the SMA indicator shows a bearish crossover on the 1D time frame, indicating an increase in selling pressure within the crypto space.
The moving average convergence divergence (MACD) shows a steady decline in the green histogram. Furthermore, the averages register a high possibility of bearish convergence, suggesting weak price action for the market-leading altcoin.
Will ETH price recover 4K this June?
Let’s assume the market holds the price above the $3,730 support level. If this happens, the bulls will regain momentum and the Ethereum token will prepare to retest its important resistance level of $4,095 in the coming weeks.
On the contrary, if the bears get the better of the bulls, the ETH coin price would break its support level of $3,730 and plummet towards the lower support level of $3,400 in the coming times.
Also check: Altcoins Stumble Amid Bearish Action! Is ONDO and FTM price ready for a 10% pullback?