Ethereum price corrects technically after the rise

Ethereum is currently testing its $2,925 support, and it anticipates a massive price hike in the coming days. After the bears defended $3,040,  ETH entered a downside correction stage. 

According to recent market reports, the Ethereum price trades below $2,960, as does the  100-hourly Simple Moving Average. The recent market trend is linked to a bearish trend line, and the pair is hopeful of a new price increase. The crypto world was amazed after learning about the price dip in Ethereum.

Like Bitcoin, Ethereum saw a fresh increase above the $2,950 and $2,960 levels, and its price noted a shortcoming correction very recently. According to crypto experts, bulls hover around the $2,925 support level. The immediate resistance of the Ethereum price is estimated to be near the level of $2,960, coupled with a bearish trend line. The first major resistance level is calculated to be near $3,000, and any increase in gains will escalate Ether toward a very high resistance zone.

Ethereum prices will continue to dip if It can’t clear the $2965 resistance. The downside initial support is around $2925. Ethereum’s upcoming major support is around the $2900 zone, and a move below that level will lead to a price hike. Experts predict that Ethereum prices will persist at low levels in the near future, and Ethereum’s modified price will test the Fibonacci support. 

The potential impacts of the Ethereum price dip include a downward trend and bullish reversal, among others. The current crypto market trend is a transformative phase for Ethereum, and the current Ethereum price is approaching noteworthy Fibanocci support levels.

The prospects of Ethereum reaching a low level depend heavily on market conditions and buyer sentiment. In the coming days, an Ethereum price trend reversal and upward movement is possible. After a fresh price hike, the price of Ethereum has declined by around 31.34%. 

This recent development coincides with a negative trend in the MACD histogram, and Ethereum is currently experiencing a Fibanocci support level of approximately $2866. The upcoming Fibanocci support will be around $2,100, and maintaining a high position will pave the way toward sustaining the current trend.

As far as the Ethereum price is concerned, it is certain that the upcoming days will see a bullish trend. It is anticipated that a return to the upward trajectory will occur as the Ethereum price potentially switches back to $2,866. The downward trajectory of Ethereum against Bitcoin exists even now, and the RSI (Relative Strength Index) continues its neutral stance despite the recent developments. It is a fact that the Ethereum price is at risk of breaking down from an escalating trend line. 

The Ethereum price swing will be a deciding factor in predicting the market trends of the upcoming days. Bearish market trends and short-term breakdowns impact Ethereum’s future growth trajectory. There is a minute possibility of the correction deepening in the upcoming days, and Ethereum is known as an asset characterized by high risk and lucrative rewards.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 61,132.38
ethereum
Ethereum (ETH) $ 3,297.83
tether
Tether (USDT) $ 0.999918
bnb
BNB (BNB) $ 565.54
solana
Solana (SOL) $ 128.19
xrp
XRP (XRP) $ 0.479637
dogecoin
Dogecoin (DOGE) $ 0.118231
cardano
Cardano (ADA) $ 0.374503