The second-largest crypto, Ethereum is finally following the star crypto and consolidating strongly around $3000 for a pretty long time. Despite BTC’s price slumping below $40,000, the ETH price maintained its trend above $3000. However, after a brief plunge below these levels, the price appears primed to regain the lost levels above $3500 very soon.
But will these levels be achieved this week? Let’s See!
The ETH price reached a stiff resistance at $3500 which is along with 200-day MA and quickly dropped hard towards $3000. And hence this could be a very good entry opportunity as it broke the previous symmetrical triangle. This signalled a notable trend reversal that may uplift the price to the nearest resistance levels. However, in the coming days, one can expect the second-largest crypto to reach $3500 again.
As per the chart posted by a popular analyst, the ETH price is expected to hit $3500 in the next couple of weeks. The analyst believes that the price after the breakout from the symmetrical triangle smashed the upper resistance at $3500 and quickly dropped to $3000 in no time. And hence it may be the time that the asset may rebound to hit the same resistance again. As a hidden bullish divergence is witnessed on MACD which a higher chance of a bullish trend.
Currently, the Ethereum price is bullish in the short time frame and a little uncertain in the higher time frame. The on-balance volume is declining which indicates the demand is below the supply range and hence a considerable amount of buying pressure may mount very soon. And hence the ETH price may eventually continue with the rally towards the north but the possibility of the asset facing rejection at these levels may not be completely eliminated.