|

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

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes has entirely dumped his “Holy Trinity” holdings by offloading his Zcash holdings on Friday. The selling reflects Hayes meticulously trimming his crypto holdings after the sale of Hyperliquid and NEAR Protocol on Thursday. 

Top 3 Price Prediction: BTC eyes $60,000, ETH risks $1,750, XRP could test $1

Bitcoin, Ethereum, and Ripple prices edge lower on Friday, extending a steady decline of roughly 15% so far this week. Institutional outflows weigh on Bitcoin and Ethereum while XRP largely follows the broader market trend.

DeFi hack losses drop 80% from 2022 peak as security defenses improve — Immunefi

Losses from decentralized finance exploits have fallen by 80% since reaching a record high in 2022, according to a report released by Immunefi. The report found that DeFi protocol losses declined from $2.62 billion in 2022 to $534 million in 2024.

Ethereum Price Forecast: BitMine's Strategy-inspired stock offering likely to fuel ETH purchases

Ethereum (ETH) is down more than 1.7% over the past 24 hours on Thursday, extending its weekly decline by 12% despite positive feedback following Ethereum treasury firm BitMine Immersion Technologies' (BMNR) plan to launch a Series A Perpetual Preferred Stock.

Billions in ETF outflows don’t bode well
Bitcoin (BTC) remains under pressure, trading below $74,000 on Friday, and is set to post its third consecutive week of losses. The institutional sell-off continues, with spot BTC Exchange-Traded funds (ETFs) recording billions in outflows. In addition, sticky inflation and macroeconomic headwinds suppress the Crypto King’s upside potential. Institutional demand continues to weaken so far this week.