The crypto market is one that brings out joy and fear due to its volatility. Along with Bitcoin, Ethereum too had declined. The second-largest crypto had seen a downfall below the $3,440 level. However, it looks like a double bottom pattern had formed near $3,400 and ETH Price saw a recovery phase.
At the time of reporting, ETH/USDT Price is trading at $3,521 with an increase of 1.34% over the last 24hrs. Hence, after crossing crucial resistance at $3,500, It is now showing a moving higher sign.
Ethereum Price Surpass 200-Day SMA
After multiple rejections since January 13, Ethereum has finally crossed its 200-day Simple Moving Average (SMA) after crossing the $3,703 level. This crucial breakout points toward Ethereum’s rally that might see at $3,703. If the altcoin successfully manages to cross $3,703, the next target is set at $4,040.
However, for any important accumulations to take place, the ETH price should either have a retracement or steep corrections. For ETH/USDT, the immediate buy the dip support lies at $3,000.
Interestingly, the demand zone that lies between $2,820 to $2,966 coincides with 50-day and 100-day SMAs, and a bounce off from this level, will see the altcoin price skyrocketing towards $4,000.
Ethereum To See $10,000 Level
Now, this outlook points towards a most bearish outline that Ethereum could witness before rallying towards $10,000. If Ethereum’s price falls below the $3,000 level, then the price could drastically fall to $1,730 due to uncollected liquidity.
It is to be noted that Ethereum’s price will crash at $1,730 only if the Bitcoin price crashes to $35,000 and further to $30,000.
Meanwhile, though Ethereum’s price has a positive outlook, there are chances that the first buy zone will not happen if Ethereum falls below the $2,820 support level in the daily time frame. This will further pull the price towards $1,730.
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Source: https://coinpedia.org/ethereum/ethereum-eth-price-might-crash-heavily-if-this-happens/