The crypto industry continues to display a negative trend for the second consecutive day, indicating a significant correction in the market. Further, top altcoins continue to bleed, displaying increased selling-over-buying pressure in the crypto space.
On the other hand, Ethereum price has lost over 17% within the past seven days, but the token has added approximately 20% over the past 30 days, and its YTD stands at 46.31%. This hints at a positive price action for the altcoin in the long term.
ETH Price On The Verge Of Displaying Massive Price Action!
The Ethereum price has displayed a significant uptrend in its valuation over the past few months, indicating a rising bullish sentiment in the crypto market. Further, the ETH price had added approximately 37% to its portfolio during the last quarter of 2023, resulting in it concluding the year on a positive note.
The ETH price continued to gain momentum for the first two weeks of the year, following which the market experienced a significant correction in valuation. However, after testing its low of $2,172, the bulls regained momentum and displayed a bullish price action for a brief period.
The leader of altcoins, Ethereum, recorded a notable run of over 88.5% over the next 46 days, after which the token faced rejection at the resistance level of $4,096. Since then, the price has been trading under a bearish influence. Positively, the Cross EMA 50/200-day acts as a support, highlighting a bullish outlook in the long term perspective.
The technical indicator, MACD, displays a rising red histogram, highlighting increased selling pressure pressure in the crypto space. Moreover, the averages show a constant decline in the chart, suggesting a negative price action for the altcoin this week.
Will ETH Price Hit New ATH Soon?
Considering the present market sentiments, if the Ethereum ETF hype increases, the bulls will regain power, and the Ethereum price will start trading positively and is predicted to test its upper resistance level of $4,500 during Q2.
Suppose an unfavorable event occurs, and the crypto industry experiences a bearish trend reversal. In that case, the ETH price will lose momentum and fall to test its lower support level of $3,000 during the upcoming months.
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