While the market trends and the sentiments are going a little wild, most of the assets showcase uncertain behaviour. The chart formations suggest a possible upward trajectory while the technicals suggest more bottoms are yet to come. And hence the fresh rebound may turn out to be a fakeout. Therefore, the traders need to be much aware of the upcoming Ethereum(ETH) price trends ahead.
Ethereum’s price has dropped massively by more than 15% since the monthly highs. Despite a strong rebound above $3000 levels, the technicals suggest a larger downswing is pretty much possible very soon. The ETH price is flashing bearish signals as it consolidates higher inside an ascending parallel channel after a steep drop which forms the flagpole. And hence, as a result, the price slumped hard by more than 6% since the early trading hours.
The ETH price is swinging, forming an impulse wave hovering in between the levels, of $3500 and $2800. Currently, the price has ignited a v-shaped recovery from the previous day’s lows but still remains within the bearish trend. And hence if it slices through the lower support at $2700, then it may easily slump down to $2648 levels in no time. However, the prices are expected to rebound firmly after hitting these levels.
Apart from technicals, there are also multiple long-term bullish factors like the upcoming ETH Merger. The event which is speculated somewhere in June may pile up an interim selling pressure. This may squeeze the price to some extent and eventually appreciation of value may happen due to new players entering the ring.
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