Ethereum (ETH) Price to Lookout for a Corrective Move While Markets Turn Bullish!
Ethereum‘s price after tanking from $3500 a couple of months before, is attempting very hard for a ‘V-shape’ recovery. But the bears are also primed to restrict the price below $1300, which is the crucial resistance level for the short-term. However, the trading volume has raised significantly since the beginning of May’s trade and hence notable volatility may be expected until the quarterly close.
In the long-term, the ETH price appears to have flipped the bearish divergence as the asset has nullified the impact of the bearish flag. As the asset was consolidating within the flag, the ETH price was expected to plunge below $1000 suring the weekend. However, a range-bound consolidation followed by a sudden spike nullified the negative impact.
Ethereum Price May Still Hit $1000 Soon!
The second-largest crypto, despite a strong recovery, is still feared to undergo a significant drop close to $1000. In the worst cases, the ETH price may also drop below these levels, and hover below $900. Mainly due to the technicals being extremely bearish, the prices are expected to undergo some corrective move very soon. As the price is yet to reach the rejection zone between $1260 & $1284, a minor upswing could be in place.
However, the ETH price after experiencing rejection is expected to drop close to $1000 but may hold these levels strongly.
— #ETH UPDATE —— AlphaBTC (@mark_cullen) June 27, 2022
🔹Looking at 2 potential paths for #Ethereum in the short term
🔹4hr bearish divergence, with the potential for a 2nd drive if we follow the blue path
🔹Looking for a pull back soon, and will reasses when we get back to the lower target#Crypto pic.twitter.com/7fLmk38dZd
As noted by the analyst, the ETH price is trading within a rising wedge and hence carries huge possibilities of plunging hard. The asset is still pretty much distinct from the apex and hence may surge for some more time. Analyst, scripts a couple of paths that may be followed by the asset until the weekend. Woefully both are extremely bearish and hence Ethereum’s price is feared to register a bearish quarterly close.