HomeEthereumIs Ethereum (ETH) on Track to Reach $4K or Drop to $3.4K...

Is Ethereum (ETH) on Track to Reach $4K or Drop to $3.4K This Week?

-


Analysis of Ethereum Price Movement and Market Sentiments

Title: Ethereum Price Faces Bearish Sentiment Amid Crypto Market Volatility

The cryptocurrency market leader, Bitcoin, failed to maintain its price above the $70K mark, leading to significant corrections in top altcoins over the weekend. Ethereum, the altcoin leader, has also displayed a weak price action, indicating increased bearish sentiment in the crypto space.

The Ethereum token has experienced a correction of approximately 1% with a trading volume increase of +11.95% in the past day. It has lost 3.68% over the past week, signaling a rising disinterest from investors.

Despite a previous jump in its portfolio post approval of the Spot Ethereum ETF by the SEC, Ethereum has struggled to maintain its price above the important support level of $3,730. The breakdown of this support level suggests an increase in bearish sentiment.

Technical indicators such as the Cross EMA 50/200-day and Moving Average Convergence Divergence (MACD) point towards a bearish reversal and increased selling pressure for Ethereum. The averages show a bearish trend, indicating a negative outlook for the token this week.

If the market pushes the ETH price above the resistance level of $3,730, the bulls may regain momentum and aim for the upper resistance level of $4,100. However, if bears dominate, the price could test the support level of $3,400 and potentially drop to $3,000.

With increased price volatility in the crypto market, the question remains: will Ethereum see a bullish bounce back or continue to face bearish pressure in the coming days? Investors will be closely watching to see how the ETH price performs amidst the current market conditions.

LATEST POSTS

Metallicus and BankSocial Utilize Blockchain Technology to Transform the Banking Industry

Revolutionizing the Banking Sector: Metallicus and BankSocial Harnessing Blockchain Technology In a time when the cryptocurrency market is abuzz with news of the SEC's approval...

Donald Trump Holds Millions in Crypto, But Refrains from Investing in Risky Altcoins Using His Own Funds

Donald Trump's Lucrative Crypto Investments: A Closer Look at His Portfolio Former President Donald Trump has made headlines once again, this time for his lucrative...

Binance CEO urges for the release of detained colleague in Nigeria

Binance CEO Calls for Release of Detained Compliance Officer in Nigeria Binance CEO Richard Teng Calls for Release of Detained Compliance Officer in Nigeria Binance CEO...

New EU Regulation Poses Threat to Bitcoin Privacy

European Parliament Adopts Revised Anti-Money Laundering Regulation: Implications and Key Issues The European Parliament's recent adoption of the revised Anti-Money Laundering Regulation has sparked controversy...

Most Popular