The ETH price is close to $3000 levels where-in one can expect a huge influx of volume flooding in. The bulls are expected to get activated above these regions with mounting confidence. However, with another scenario being surfaced, the Ethereum price may undergo extreme drain in the upcoming week.
Many proponents do talk about the formed bearish triangle within the ETH price chart, but still expect a break-out from the consolidation. Mainly because the asset is swinging within a symmetrical-like pattern. However, after a bearish fall, the asset initiated its trend within a triangle in a converging form. And hence the outcome is expected to break down the pattern and fall to the lower support levels.
The ETH price is currently made up of 5 internal smaller waves which trade sideways before continuing the move with the trend. Therefore, it clearly signifies that the ETH price is all set to set up a larger dump in the coming days. The price currently after hitting the upper resistance is experiencing a bearish hammer where-in the bears are restricting the price within the triangle. And hence a dump may drag the price towards the lower support below $2000 hitting $1700 levels.
Here the traders can think of a smart move here, but the extreme volatility may keep traders at some distance. Therefore, an upcoming couple of hours or the current day’s close is extremely important for the asset. If the Ethereum price faces rejection from these levels then the bearish trend may be imminent. Or else if the close is registered above $3000, then the ETH price may invalidate the entire scenario. And hence a significant uptrend may continue until it secures the pivotal levels above $3200.
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