Ethereum’s ETH correlation with Bitcoin’s pattern is still much intact but appears to be lagging in the recent recovery. However, it is down 4% today following the latest decrease in the global market. The bears are showing interest!
The late February recovery has temporarily halted due to a choppy price action. This came as a result of low trading activity in the market and the price stalled under the crucial $3,700 level. Still, the trend is in favour of the bulls.
In the middle of the consolidation, ETH pumped briefly and managed to close strong after pushing well above the $3,600 level. Unfortunately, it lost steam and rolled back straight to exactly $3,500 today.
Starting the first day of this week bearish, the asset may see a huge breakdown in the next few days should the price lose grip above the $3,450 level that held as support during last week’s trading. That could lead to another bearish scenario before regaining strength.
But if the bulls regroup well and manage to scale through the stalled crucial level in the past week, we can expect them to revisit the previous high before breaking higher.
Ethereum currently remains indecisive as it continues to mirror Bitcoin’s pattern. It has shed a notable loss in the past hours and is now looking weak on the daily chart.
ETH’s Key Level To Watch
If ETH resurges above $3,723, the $3,900 level would be the next target resistance to keep in mind before reclaiming the important $4,094 resistance. Breaking through all these resistance levels could advance buying to $4,300 and $4,500 respectively.
Losing last week’s support may trigger a dip to $3,300 and the $3,056 level that held as support during the last correction. If the level cracks, $2,750 and $2,500 are the next supports to keep in mind.
Key Resistance Levels: $3,723, $3,900, $4,094
Key Support Levels: $3,450, $3,300, $3,056
- Spot Price: $3,541
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ethereum-price-analysis-prediction-april-1-eth-remains-bullish-but-may-lose-grip-if-this-support-collapses/