The Ethereum price is currently pretty much uncertain as the asset quickly ranged high above $3000 and also plunged with the same speed. With consecutive rejections from the past couple of hours, the ETH price seems to have been fighting a lot to regain the $3000 mark but failed miserably. Therefore, the recent rejection may indicate firmly that the ETH holders may be awaiting this opportunity to cash out.
On the other hand, the ETH price does not indicate a huge bearish trend as well. As the asset is currently consolidating within the average levels for a pretty long time. And hence if it plunges, then a descending rally may be restricted much above $2500 levels. Yet a huge possibility of a rebound at $2700 or $2800 is quite possible. But currently, the ETH price is also letting out bullish signals.
Also Read: Attention Traders, Bitcoin(BTC) Price Displays a Possibility of Plunging to These Support Zones!!
As mentioned in the chart, the Ethereum price formed a consecutive double top pattern. Further, it formed a double bottom pattern quickly which resulted in a breach through the pivotal zones in between $2821 to $2879. However, it has not completely certified with a notable uptrend as it has yet again initiated a consolidation just above these levels. At present, the buyers appear to have lost their strength as the buying volume depleted. Therefore slowly the selling pressure may mount the price in a short while from now.
However, in case of a plunge which may be pretty minute, hitting the local support is around $2850. Here it needs to stand strong and attempt a rebound very quickly else the lower support at $2600 may attract the price towards itself. Yet this may not be much likely as the Ethereum (ETH) price maintains a calculated rally eliminating huge variations.
Also Read: Perfect Trade Set-Up for Solana(SOL) Price, A Slight Pullback Towards $91 May Ignite A Rally to $157!
Source: https://coinpedia.org/price-analysis/etherum-eth-price-gets-rejected-at-3k-again/