As the alternating pattern has continued, the global crypto market has turned bearish once more. The market hasn’t been able to fully restore its bullish mood because the sell-offs are outnumbering the influx of money into the market. BTC Price is slowly gaining ground above $45,500.
In the short term, BTC has to break through $47,000 to enter positive territory. Ethereum has been in the same position that Bitcoin has been in. The coin’s current status is weak, as it has continued to lose value.
According to a tweet by an analyst thecryptocactus on Twitter, Ethereum could be on its way to $4000 in the near future if price action maintains above the $3400 support level.
Ethereum price analysis
The price of Ethereum has continued to drop below $3,440. A downward breakthrough below the $3,000 support was safeguarded by Ethereum bulls. If the price goes through the $3,580 mark, there could be a significant increase.
In the aforementioned situation, the price could grow above $3,600. In the immediate term, bulls eyeing the upside may want to target $3,750. However, with the latest rally, the price has broken through the 20-day EMA, which was one of the most essential levels to break through in order for this rally to take place.
If Ethereum does not start to rise over $3,580, it could start afresh downtrend. The $3450 level is the first level of support. The $3,000 level will be the next big support level. If there is a drop below $3,000, the price may test $3,350.
There has been a minor rejection from $3,580, which could be due to the simultaneous Bitcoin pullback. So, when Bitcoin also pumps, we’ll have to wait and see how the price reacts to that level.
Was this writing helpful?
Source: https://coinpedia.org/price-analysis/ethereums-eth-price-could-reach-4k/