Bears Target $2400 After 9% Dip
Ethereum’s price is currently trading within a key price channel, maintaining a bullish trend as it remains above an important support area. However, as of this writing, Ethereum has fallen by more than 9% and is currently trading below $3,350. Ethereum has a 1-month high of $4,098.29 and a 1-month low of $3,103.37, showing the range within which Ethereum is currently trading.
According to experts, A break below $3,540 could signal the end of the bullish momentum and favor a bearish scenario. In this case, Ethereum may undergo a correction with support between $2,400 and $3,160. If these levels hold, Ethereum may be able to recover and move higher. If the price continues to rise from here, the bullish scenario will intensify and Ethereum could reach $4,000 or higher.
Take a look at the technical side:
Currently, the price action is stuck near the 3-sigma resistance level at $3,620.49, which indicates that there are significant obstacles to further upward momentum. Additionally, the 3-10-16-day MACD moving average has stalled near $3,613.10, indicating possible indecision in the market.
Analysts step in
Josh, an analyst at Crypto World, said that Ethereum is currently forming a potential bullish pattern called an inverse head and shoulders pattern on the weekly chart. However, this model has not yet been confirmed. To confirm this, Ethereum would need to break above the $4,000-$4,100 levels on a weekly close. If that happens, it could set a price target near $7,000, providing a significant trading opportunity.
Currently, Ethereum is trading in a range. Resistance lies between $3,900 and $4,100. Regarding the short-term trend, analysts say that Ethereum is more bullish than bearish as it is making higher lows and higher highs and recently broke through a key resistance level.
