![Ethereum](https://image.coinpedia.org/wp-content/uploads/2024/04/17163913/ethereum-1.webp)
Altcoins were severely affected by the overnight drop in the crypto markets, and the rally to recover was immediately halted. During the crash, Ethereum dropped over night as its price fell by 2.50%.
The recent correction coupled with the fear that the market will experience a massive drop, predicts a fall to $3,000. The long-term trend in price and history of Bitcoin Halving leading to an altcoin mania teases the potential for a bull run.
Check out our website ETH price prediction Learn more about the upcoming range of Ethereum.
What is the last nail or final pullback?
Ethereum’s market capitalization of $382 billion has fallen by 18% in the last few weeks. The ETH fall is supported by the Fibonacci 50% level of $2850.
![](https://image.coinpedia.org/wp-content/uploads/2024/04/25150653/image-826.png)
This recent correction extends the consolidation on the weekly chart, between 50% and 61.80% Fibonacci. The lower rejection of the 50% Fib levels leading to the sustained above $3000 level teases a possible bullish breakout.
ETH is currently trading at $3140, with a Doji intraday candle showing indecision. Ethereum may find a way to resume the upward trend if the market does not experience any more dips.
Indicators of technical indicators
MACD: Recent pullbacks are the cause of the bearish crossover between the MACD, and the signal lines on the weekly chart. A bounce-back from the 50% Fib in ETH’s price can restart the upward trend.
DMIADX Line: A downward trend is evident on the ADX line, indicating a decrease in momentum. The VI lines also prepare for a cross-bearish due to the pullback.
Can ETH price challenge $4,000?
ETH could be able to break through the $3265 overhead resistance if the bullish trend continues for altcoins. This would signal a good entry point. Bull run could challenge solid resistance at $4000 and result in a rise of 25%.
The chances that the price will drop below $3,000 is minimal, but still alarming.
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Sohrab Khawas
Sohrab has been covering cryptocurrency for over five years. His interest is in the potential of blockchain technology to revolutionize financial services. Sohrab is always on top of crypto news, whether he’s writing or trading. He uses his knowledge to create engaging and informative articles. Sohrab enjoys graphic design, minimalist design and listening to hip-hop music when he is not analysing the markets.