- 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.
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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.