Ethereum price till now is among the best investment options within the entire crypto space. As it was always speculated to undergo a calculated rally, ETH price is steadily heading towards the immediate highs. Yet compressing the resistance and the support levels, it is now feared to end the monthly trade on a notable bearish note.
The ETH price in recent times had rallied pretty high and surpassed the $3000 mark and attempted to maintain the bullish trend. However, with a reverse trend, the second-largest crypto fell into a deep bearish trap. After losing nearly 25% of its value, the ETH price flipped the bearish divergence to recover the losses. However, despite the flip, the asset is expected to plunge heavily which may drag the price below $2500 soon.
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As seen in the chart, the ETH price is displaying a possibility of a huge bearish reversal. This may shed another 25% of its value very soon. The asset is currently an inch close to reaching the apex of the rising wedge. Further hence as an outcome, a notable correction may ignite any time from now. Moreover, Ethereum is testing the crucial 200-day MA levels and is unable to surpass these levels. Hence showcasing a drop in the momentum may not be a good move for the ETH price rally.
If the ETH price needs to close the monthly trade on a bullish note, it needs to be pretty cautious in the upcoming 24hrs to 36hrs. The price needs to maintain strongly above $2600 firmly to continue to surge towards the upper target currently being at $3000. Else with just a wrong move, the Ethereum price may slash below $2500 to hit the $2200 levels yet again. However, the rebound may not be strong as the buyers currently appear to be pretty exhausted in holding the uptrend is turning out to be a tedious job slowly.
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Source: https://coinpedia.org/ethereum/etherum-feared-to-hit-2500-will-eth-record-a-bearish-novel/