Ethereum Lacking Momentum Above $4000 Yet ETH Bears Have No Room

Ethereum price sustained above $4000 amid multiple bearish divergences in the recent past. No doubt the asset revisited the levels below this level a couple of times, it quickly rebounded and manifested the strength in the rally. But currently, the ETH price is gradually falling apart and revisiting below $4000 currently may imply the consolidation between $3800 to $3950 could be fast approaching. 

Where Ethereum (ETH) Price is Heading Next ?

The ETH price for a month is hovering around $4500, yet never opened the day’s trade on a bearish note at the levels around $4100. And hence the current trend haunts the rally to drop below $3900 and consolidate for a while. The present day’s candle is scarier as currently, bulls remain passive and buying is almost negligible. Despite multiple negative scenarios, yet the bears may not have much room to flourish. 

  • The Ethereum price broke down the trend line in the early trading hours and tested the $4000 support levels
  • If these levels are not held strong, then the asset may plunge down towards the next support just below $4000 at $3900.
  • Yet the strong support zone resides in between $3854 and $3811, which may hold the price and help to accumulate some strength 
  • The RSI has bottomed below the average levels and trying to rise but failing since the early trading hours
  • On the other hand, MACD displays negligible buying but selling has also not mounted. And hence a rebound may be possible only if the bulls enter as bears are also passive

Collectively, Ethereum after undergoing a sustained rally may experience a pullback. However, the pullback may not be a massive one compared to that of the other assets like Bitcoin or Solana or Dogecoin. Yet each drop may be a good opportunity to accumulate more as ETH price could shoot up very soon and end the yearly trade forming a new ATH. 

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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