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

Expert Predicts the Era of Ethereum: Implications explained

Insights on the "Age of Ethereum" by Ryan Berckmans: A Game-Changer for Blockchain Technology? The Age of Ethereum: Prominent Investor Boldly Predicts Ethereum's Rise Amidst...

Rural Kentuckians continue to wait for noise relief as they look to Arkansas’ new crypto mining law – Kentucky Lantern

Noise Concerns and Regulation Challenges Surrounding Cryptocurrency Mining Operations in Rural Kentucky The quiet rural community of Wolfe County in Kentucky has been disrupted by...

Binance’s Key Move Puts AVAX and MATIC Under Pressure

Binance Delists AVAX and MATIC's TUSD Trading Pair: Price Pressure Expected Binance Delists AVAX and MATIC’s TUSD Trading Pair, Price Pressure Expected In a recent move...

Donald Trump scheduled to address Bitcoin conference

Trump to Speak at Bitcoin Conference in Nashville: Will Crypto Community Support Him in the Election? The upcoming Bitcoin Conference in Nashville, Tennessee is set...

Most Popular