ETH Price Action and Market Sentiment After Record Sell-Off: Can Bulls Reclaim $4,000?
news
1 min read
Ethereum (ETH) Price: Can Bulls Reclaim $4,000 After Record Sell-Off?
The Ethereum price has taken a significant hit recently, with investors selling off their assets at an alarming rate. As a result, the market is left wondering whether the bulls can reclaim $4,000 after this record sell-off.
Despite the recent decline, Ethereum’s network activity and long-term holder conviction continue to provide underlying support for the cryptocurrency. ETH price action has consolidated within a descending channel formation, with key resistance levels at $3,817-$3,950 that must be overcome for any potential rally towards $4,000.
Historically, such Ethereum selling pressure can signal local price tops and potentially lead to market reversals. However, it remains unclear whether the momentum will shift back in favor of bulls or bears within the next few days.
Open interest fell 4.28% to $46.76 billion, indicating some position unwinding, but futures traders remain cautiously optimistic with a slightly positive funding rate at 0.0085%.
Source: coincentral.com
