Ethereum price loses strength, signaling a bearish impulse to $3,000
|- Ethereum price rebounded strongly following a steep decline.
- Regardless, ETH faces stiff resistance ahead.
- Only a 4-hour candlestick close above $4,000 might help Ether resume its uptrend.
Ethereum price has suffered significant losses following the weekly open. Now, ETH's future depends on its ability to hold above $3,223.
Ethereum price rebounds with conviction
Ethereum price shows relatively higher buying activity than Bitcoin and XRP as it surged roughly 14% from its recent swing low. The upward move suggests that ETH’s recovery will be much faster than the others.
At the time of writing, Ethereum price is testing the resistance level at $3,587. A decisive close above this barrier could trigger a 7% upswing toward the supply barrier that extends from $3,818 to $3,985.
If the buyers manage to slice through the upper boundary of the said ceiling, it is more than likely that Ethereum price will rise another 10% to retest its all-time high at $4,380.
ETH/USD 4-hour chart
While the upswing seems to be going well for Ethereum price, a breakdown of the $3,223 support level will spell trouble for the smart contract token. The downswing would invalidate the optimistic outlook and kick-start a 7% correction to $2,985.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.