The crypto weekends are pretty scary nowadays as it usually ends on a huge bearish note. No doubt the current trend is a pretty consolidated one rather than bearish. Yet a minor drag followed by a recovery could prevail. However, in the upcoming days, the ETH price may follow a notable downtrend but still could strongly trade above $2500. But what levels the asset may hit if it ignited a strong rebound? Let’s see!
The Ethereum price appears to have begun with a minor recovery from the lows as the asset after consolidating around $2300, flipped and ranged above $2500. Amid the bullish trend surrounding the short term trend, the possibility of the price repeating the previous trend is high. If it replicates the same trend, the ETH price is yet again may plunge down after a notable recovery.
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Following a bearish breakout from the descending trend, the price dipped hard but sustained above the strong support at $2500. The RSI in the STF has diverted towards the south signifying a decline in the price. Whereas in the HTF the RSi is all set to make a huge bullish divergence. Despite the selling volume which stands elevated in the short term the volume remains pretty low. And hence just a notable influx of buying volume may reverse the trend with minimum efforts.
Interestingly, in the long term, the MACD is on the verge of rolling out a huge buy signal as the buying volume just began to accumulate. In such a scenario, if the ETH price following the previous trend flips after a reasonable recovery, then it may land up hitting the lower support with the next leg down. And here if the buyers jump in with huge liquidity then a strong flip may be expected else bears may keep hovering over the asset.
Source: https://coinpedia.org/price-analysis/what-can-we-expect-from-ethereum-price-in-the-upcoming-week/