ethereum price has been correcting in recent weeks after setting a local high around the $4,000 mark. While the price has yet to recover, the bull market may be far from over.
Technical analysis
The daily chart
On the daily chart, the price has been consolidating between $3000 and $3600. After the recent rejection of $3,600, the market is once again targeting the support of $3,000.
The Relative Strength Index has also fallen below 50% as momentum has seemingly turned bearish. A break below $3,000 would lead to a possible fall towards the 200-day moving average around the $2,400 mark.
On the contrary, a bounce from the $3,000 zone could see the price return to $3,600 and probably higher this time.
The 4 hour chart
Looking at the 4-hour chart, the recent price action looks very choppy. The price has tested the $3,600 resistance zone several times but has failed to continue rising towards $4,000.
The market structure is clearly bearish in the short term, as the price has been consistently registering highs and lows. Therefore, a fall back towards the $3,000 zone will be imminent if the price falls below $3,200.
The post ethereum Price Analysis: Is eth in Danger of Falling to $3K? appeared first on CryptoPotato.
