The assets nowadays appear to be more uncertain as the price is displaying a notable negative volatility after a decent recovery. Ethereum price also hovered below $3000 for a couple of days but after regaining the levels above, is feared to plunge below yet again. The last time, when the second largest crypto had broken below the trend, it quickly recovered. But in contrast, the current breakdown may be pretty unfavorable.
The ETH price after hitting the yearly lows at $2160, quickly flipped and followed a strong uptrend line. Rallying high along the trend line assisted the price to attain the levels above $3100. No doubt a minor pullback had hindered in between, but it was a short-lived one. However, being much distinct from the previous breakdown, the ETH price is feared to plummet by nearly 10% to hit the levels around $2800.
The price appears to be well on track ascending towards the crucial resistance levels just above $3200. After a couple of rejections at these levels, the ETH price was expected to maintain a notable uptrend slicing through the upper resistance at $3214. But the bears compelled the price to reverse its trend from the past trading day as the asset got rejected from the pivotal levels again.
A strong flip is the need of an hour to eliminate the possibilities of plunging down below $3000. However, the trend indicates a minor retracement is pre-programmed that may test the trend line yet again. Here the probabilities of the ETH price revisiting lower support at $2800 slicing down the trend line is notably high. Here’s when a strong flip may be expected that may ignite an uptrend once again, maintaining with the consolidation.