Ethereum Price Analysis: Ethereum, the second largest cryptocurrency by market capitalization, is currently trading at $2,935, up $0.82. This rally signals a further reversal from the support area around $2,875 to $2,850, with a fourth reversal expected within a month. This active demand zone disrupted Ethereum’s long-term correction and shifted the price trend sideways. How long will this integration last?
Also read: Ethereum Whale Liquidates ETH Portfolio With $6.5 Million Loss; Will Price Fall Later?
Ethereum Price Analysis: Is ETH Price Ready to Reach $4100?
Ethereum price has been flat for nearly a month, hovering within two horizontal levels at $3,300 and $2,850. The coin price has rebounded from both of these levels several times, indicating indecision on the part of market participants.
However, if the consolidation continues, ETH price will reach the downtrend line of the descending wedge pattern that has continued the current correction trend for over two months.
If overhead supply remains intact at this resistance, a potential retest would accelerate market supply liquidity and support Ether against an extended decline. The bearish narrative will gain further traction if the sellers break out of the $2,850 support.
The potential failure will cause Ethereum price to drop to $2,700 and then $2,600.
Additionally, Eric Balciunas, senior ETF analyst at Bloomberg, responded to developments regarding the ARK Invest/21Shares application to remove staking from the Ethereum (ETH) spot ETF in a recent Twitter conversation. Balciunas said that while the adjustments may make the ETF proposal appear more closely aligned with SEC guidelines, which is a potentially positive sign, there is still no concrete feedback from the SEC. It was pointed out that this was not done.
He expressed uncertainty as to whether the change was a strategic move to avoid potential denials by the SEC or simply a last-ditch effort to gain approval, calling the situation “Hurray! “Either that, or they're giving the SEC one less thing.” Use it to deny them. ”
As the market remains uncertain about the US stock exchange approval for the ETH ETF, technical analysis suggests that a break out of the wedge pattern could fuel recovery sentiment.
A possible breakout of the overhead trend line will accelerate the bullish momentum and lead to a rally to $4,100.
technical indicators
- BB indicator: The ETH price pushing below the lower Bollinger Bands indicates active selling pressure.
- Convergence-divergence of moving average: Multiple crossovers between the MACD (blue) line and the signal (orange) line highlight uncertain market sentiment.
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