Ethereum Gets Rejected at $3K, What’s Awaited for the ETH Price Rally?

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. 

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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/