Ethereum Price Analysis: Will ETH Price Challenge $4,000 or Drop to $3,000?
The cryptocurrency market faced a major setback with an overnight fall, causing altcoins to take a huge hit and halting the recovery rally. Ethereum, the largest altcoin, saw a 2.50% decline in its price overnight, adding to the overall market fear of an intense correction.
With Ethereum’s market cap currently at $382 billion, the recent decline of 18% over the past few weeks has raised concerns among investors. However, the ETH price found support at the 50% Fibonacci level at $2850, indicating a potential bounce back.
Technical indicators suggest a mixed outlook for Ethereum, with the MACD showing a bearish crossover but the potential for a positive trajectory if the price bounces back from the 50% Fib level. The DMI also reflects a loss in trend momentum but could see a reversal if the market avoids further dips.
The current ETH price stands at $3140, with an intraday Doji candle signaling indecision among investors. If the market stabilizes, Ethereum could see a restart in its uptrend and potentially challenge the $4000 resistance level, resulting in a 25% rise.
While the possibility of a drop to $3000 remains a concern, the overall sentiment suggests a potential bull run for Ethereum in the near future. Investors are advised to keep a close eye on the market and monitor Ethereum’s price movements closely for potential trading opportunities.
