Ethereum Price At Risk Of Crash To $4,000, Is A New ATH Still Possible?

6 hours ago

Amid the backmost and distant that has rocked the crypto market, the Ethereum terms has present recovered itself betwixt a stone and a hard place. Right now, bulls and bears are inactive locked successful a tug-of-war successful a quest to instrumentality power of the integer asset. Here, determination are present aggregate levels to ticker that could find the next steps for the Ethereum price.

After falling backmost beneath $4,300 implicit the weekend, the Ethereum terms is present trading very adjacent to a captious request zone. Crypto expert ProfitMagnet highlights this successful a TradingView analysis, showing the possibilities for the Ethereum terms arsenic it looks to trial this zone.

So far, the Ethereum terms has been consolidating betwixt $4,200 and $4,300 aft having faced absorption from $4,600-$4,800 successful the past month. This has present led to what is the defining origin for the adjacent signifier of the move, and whether an uptrend oregon a downtrend volition dominate.

Assessing the existent momentum, the crypto expert notes that the caller uptrend was being supported by the bullish trendline starting from the August lows. However, determination is inactive the substance of the bearish trendline that continues to bounds the upward momentum, thereby putting a damper connected the rally.

At this point, it is present simply a substance of what level the Ethereum terms retests, and what it successfully breaks through. From here, holding the request supra $4,300 is important if the bulls privation to proceed the rally. If they are successful, past the expert does spot the Ethereum terms making its mode backmost to $4,600-$4,800.

However, connected the flip broadside of this is the bears taking implicit and forcing a retest of the request level. This would hap if bulls were incapable to prolong the existent demand, starring to a breakdown successful the price. From here, the adjacent major level would beryllium the enactment astatine $4,000, pushing the Ethereum terms toward the adjacent large intelligence level.

What this inclination shows is that portion the marketplace is leaning bullish, the bulls inactive person a comparatively anemic hold, meaning it could spell sideways astatine immoderate point. “The operation suggests a imaginable bullish reversal, but confirmation is required with a interruption of the bearish trendline and request reaction,” the crypto expert said.