Ethereum Price bounced off the support levels getting out dipping below the 50-day MA levels. The ETH price which witnessed a substantial dip rebounded as it was on the verge to touch the resistance flipped into support levels at $2242.
The breakout above the resistance levels rallied the price above $2380 in the early trading hours. However, the trembled momentum, dragged down the price. Yet this cannot be labelled as a ‘Fake-Out’ as the price is attempting again to regain the bullish trend.
Also Read Breakout Plus Retest, Ethereum Price Poised To Hit $3000 Soon!
On the other hand, the trading volume appears to have depleted to some extent which has hampered the uptrend. Nevertheless, the bulls also are gearing up as the price withnessed an uplift and many more may be on the way.
The Ethereum price chart is showcasing the possibility of a notable surge that can go close to $3000.However, it would be very early to say whether the price will surpass these levels or retest may be on the cards before smashing $3000.
A popular analyst Daan Crypto Traders believes, the ETH price may retest levels above $2900. As this would be the 4th test, a notable pullback may also be imminent. As per the analyst, the pullback may drag the price back towards $2200.
$ETH Looking very good for a move towards $2900 in the coming week(s).
This would be the 4th test of that level so IF price gets there, we'll likely see it break on this attempt as well I think.
A retest of the yellow diagonal would be fine. pic.twitter.com/4NoOe3ud0I
— Daan Crypto Trades (@DaanCrypto) July 4, 2021
Overall, many see a good and decent price chart of Ethereum price since the beginning of the fresh week trade. No doubt a lucrative jump close to $3000 may not be on the cards shortly, but in the coming 2-3 weeks, this target may be achievable. However, in due course, ETH price may also experience a couple of dumps which may be recovered very soon.