Ethereum’s rally has come to a halt, as the price has failed to continue above the $4,000 level once more. However, not all hopes for a new bull run are lost just yet.
By TradingRage
The price has been decreasing in the last two weeks based on the daily timeframe of the ETH/USDT chart. This short-term downtrend has begun since the cryptocurrency has been rejected from the $4,000 resistance level once again.
Currently, the $3,500 level provides support and prevents the market from dropping lower. A bearish breakout could result in a further decline toward $3,000 and the 200-day moving average located around the same area. This would be a key area, as a drop lower could cause a shift in the overall trend.
Looking at the 4-hour chart, the price is seemingly starting to rebound from the $3,500 support zone. It has formed a falling wedge pattern and broken above it, a classical bullish reversal pattern.
If the market can rise above the recent high around the $3,650 mark, a rally back toward the $4,000 resistance zone would be highly probable. With the RSI also climbing back above 50%, a bullish scenario is much more likely.
The post Can Ethereum Initiate a Bullish Recovery Toward $4K Soon? (ETH Price Analysis) appeared first on CryptoPotato.
Ethereum’s rally has come to a halt, as the price has failed to continue above the $4,000 level once more. However, not all hopes for a new bull run are lost just yet.
By TradingRage
The price has been decreasing in the last two weeks based on the daily timeframe of the ETH/USDT chart. This short-term downtrend has begun since the cryptocurrency has been rejected from the $4,000 resistance level once again.
Currently, the $3,500 level provides support and prevents the market from dropping lower. A bearish breakout could result in a further decline toward $3,000 and the 200-day moving average located around the same area. This would be a key area, as a drop lower could cause a shift in the overall trend.
Looking at the 4-hour chart, the price is seemingly starting to rebound from the $3,500 support zone. It has formed a falling wedge pattern and broken above it, a classical bullish reversal pattern.
If the market can rise above the recent high around the $3,650 mark, a rally back toward the $4,000 resistance zone would be highly probable. With the RSI also climbing back above 50%, a bullish scenario is much more likely.
The post Can Ethereum Initiate a Bullish Recovery Toward $4K Soon? (ETH Price Analysis) appeared first on CryptoPotato.