|

Ethereum price regains $3,000 after brief dip

  • Ethereum price is retesting a breached weekly trend line.
  • Ethereum price RSI has breached buyers' territory.
  • Invalidation of the bearish thesis is a close above $3,100.

Ethereum price shows mixed signals to start this week's trading sessions. The bottom may not be in yet, and more price drops could occur later this week.

Ethereum price says let it fly, don't be early

Ethereum price could entice traders to look for early entries as the price retests the breached weekly trend line. First reactions off a trend line are usually very significant however ETH price pride does have more bearish factors to consider,

At the time of writing, the Ethereum price is trading at $2,960, under a previous weekly high of $2,970. Many FX readers may remember this level as it was marked out to play a significant role during the March rally. Ethereum price will need to hurdle and settle above this key barrier level to validate the bullish strength. The bears should not be underestimated as they have printed a large bearish engulfing candle to start the week on the 4-hour chart. The Relative Strength Index has fallen past buyers' territory, thus, it may be too early to consider a true market bottom. ETH price could fall to $2,600 if the bears keep up the momentum.

TM/ETH/4.18.22

ETH/USDT 4-Hour Chart

Invalidation of the bearish setup will be a closing price above $3,100. If this bullish event occurs, analysts will consider the downtrend over and look to join the bulls on a pullback in price. The bulls could have enough power to send the Ethereum price back to $3,300 resulting in a 10% increase from the current ETH price.

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.