You can also find out more about the following: Ethereum After a price rejection of $4000 and registering losses on a daily, weekly or even monthly basis, the price has entered a bearish market. The daily RSI dropped along with the plunge in price, and it has remained below average ever since. The bulls and the bears both failed to use their strengths, indicating an extended phase of consolidation. A prolonged consolidation is a sign of a lackluster market. Price of ETH The trend is largely static and the breakout seems to be near.
The price, as mentioned earlier, continues to move within the range, after experiencing an upswing in a short time to the resistance. This resistance also coincides with the area of resistance. The price also made a small correction, and then retraced to the area of resistance. It later dropped to the lower part of the rally. The decline is a trap for bears, because the trend can change in just a few minutes, leading to a sharp rise of the price.
The price is still trading within the triangle but recent accumulations within the narrow range suggest a new trend may be forming. It is now crucial that the token breaks the consolidation, as bulls are unable to raise the levels above the resistance. The recent rebound up near the resistance line raised hope for a breakout to occur in the next few days.
You can also check out: What will happen to Ethereum tokens if the top altcoins continue to fall?
The volume is down to an extreme degree, so it’s pretty obvious that the price could rise beyond the resistance. After a prolonged compression, it is likely that the price will trigger a recovery. The pattern also requires that the price triggers a drop below the support. However, accumulation at the resistance flashes a bullish signal for cryptocurrency. The Ethereum (ETH), price, is expected to continue in a sideways direction for a while longer. This could lead to a pullback below $3300, and then a rebound above $3500.
Click Here to Read More: Are we about to see a breakout in the XRP price? Analysts Predict Surge Above $1.20
This writing was helpful.
You can also find out more about the No. You can say that.
Sahana Vibhute
Author and cryptocurrency enthusiast, qualified to cover all events in the crypto world. My primary focus is to research minute events and bring new insight.