After the global market correction at the beginning of the month, the ETH price has shown a neutral trend on the chart, suggesting a continued decline in the price volatility of this altcoin in the market.
Ethereum token recorded a correction of 14.28% over the past 30 days, while year-to-date (YTD) it recorded a correction of 37.68%. Additionally, the Spot Ethereum ETF's pending approval could play a significant role in future price movements, and either outcome is possible.
ETH price is on the verge of a major breakout:
The price of altcoin leader Ethereum continues to hover around the key support level of $3,150, highlighting the weakness in price sentiment towards Ethereum in the crypto market. Furthermore, it formed a symmetrical triangular pattern within a 1D time frame.
The Ethereum token is currently trading within a triangle close to the support trend line and on the verge of testing a resistance zone, the outcome of which is unpredictable.
Additionally, ETH price has increased by less than 1% in the past seven days, highlighting the shift of investor interest to other crypto tokens.
Ethereum market sentiment:
The cross EMA 50 days acts as resistance on the 1D timeframe price chart, indicating uncertainty in the altcoin leader's price trend this week.
On the other hand, the RSI shows a neutral trend, highlighting weak buying and selling pressure on ETH price.
Will ETH price reach $4,000 in Q2?
If Ethereum succeeds in breaking out of the symmetrical triangle pattern, it will test the $3,697.25 resistance level by next week. By holding the price at that level, the ETH token will be ready to test its upper resistance level of $4,000 within the next month.
Negatively, if a trend reversal occurs, the altcoin leader will break through the support trend line and decline towards its lower level below $2,800.
