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Ethereum Price Prediction: Bulls Fight to Reclaim $3.4k, What’s Next?
As the cryptocurrency market continues to see intense volatility, Ethereum (ETH) has been struggling to regain its footing. After a recent drop below the crucial $3,4k mark, bulls are scrambling to reclaim this level and shift the momentum back in their favor. But can they succeed? Let’s dive into the latest analysis and insights.
In the short-term, it’s clear that the bears have taken control of the market, with Ethereum’s price dropping significantly below the previously established support zone at $3,4k. This sudden shift is likely to be a concerning sight for many investors, as it seems like the asset has lost its previous momentum.
However, there are glimmers of hope on the horizon. A unique inverse head and shoulder pattern has emerged on the 2-week timeframe, indicating that the Ethereum price could potentially take off and reach new heights. If this breakout were to occur, we’re looking at a possibility of reaching as high as $12,000.
But before we get too excited, it’s essential to acknowledge the bearish momentum that has taken hold in the daily timeframe and lower. This shift is marked by a significant loss of short-term support and an RSI drop below the neutral 50 mark. Additionally, the OBV indicator has been stuck in a range over the past two months, indicating a lack of buying pressure.
To put it bluntly, it’s going to take an influx of buying pressure not seen in the past month to restore confidence and potentially create a bullish reversal. Any attempts at this point would be met with strong resistance from bears.
In terms of levels to watch, immediate support areas have been highlighted on the 4-hour chart, including $3,555 and $3,101. Market participants will need to keep a close eye on these key zones as they determine the next price move.
In conclusion, while there are glimmers of hope for bulls to reclaim the critical $3.4k mark, it seems that we’re still in uncharted territory here. Any significant buying pressure will be crucial in turning the tide and reinvigorating the Ethereum market.
Source: ambcrypto.com
