Ethereum Stuck Around $3K; Will ETH Record a Bull Run Soon?

Ethereum price trends over different time frames offer different perspectives. Based on the charts, it is the best time to hold ETH. However, the market share of ETH’s competitors is seen to be rising, or is Ethereum just taking a much-needed break before the next big bull run?

Well, if we take our eyes off the price and look under the hood, then things are looking great for Ethereum, and the next big bull run will be epic. We’ll look at the key fundamentals that have to do with supply and demand metrics and then the three recent developments for Ethereum, which are highly bullish.

ETH has strong potential, but the clear sentiment across its ability to move on towards Proof of Stake would emerge after it successfully implements this transition. Since there is good news coming at the end of current developments, there is a considerable probability of higher price trends and bullish sentiments across the time frame.

Ethereum is seemingly weakening in terms of price over the last few months after its bullish trend. Since 2021, ETH has been moving ahead with great strength, undergoing profit booking, and retracing to breach the previous high. In the third attempt, this price action has lost its charm as we see the Head and Shoulder pattern forming on the weekly candlestick patterns.

ETH Price Analysis

Ethereum price has moved up and down throughout 2021 but came out as a winner with each swing. Currently, ETH has a resistance of $4000 on long-term charts and support at $2400 levels. The trade-off between these price trends indicates a battle between buyers and sellers who are waiting for the impact of ETH’s fundamental developments to undertake.

Other than the higher price trends, ETH has also established a trend line, which can give a strong push back from $2600 levels to defend further breach of values. Read more about the expected price trend and future ETH forecast!

ETH Price Chart

Since the coin is struggling to hold the $3000 mark, there is a clear outlook that ETH is stumbling, which is also indicated by the fear and greed indicator. The price trends indicate a breakdown after it has taken place, but the probability now indicates a breakout. If ETH manages to subdue the 100 DMA curve, the price will move beyond $3000 on the immediate scale.

RSI has moved down and faces a stiff consolidation despite the falling price. RSI indicator has maintained a stance between 35 to 50 on time. Breaching the 100 DMA curve could turn the tables for buyers, push ETH valuations above $4000 and contribute to long-term price indications.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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