Ethereum
Ethereum (ETH) price breakout will soon trigger an AltSeason?
Amid increased volatility in the crypto market, the ETH price showed a neutral movement as it approached its $3,100 level. Positively, the altcoin leader reclaimed the $3,000 mark, following the bullish reversal that the crypto space experienced over the previous week.
Are you curious to know if “Will Ethereum surpass the $5,000 mark this year?” and are you considering stacking ETH tokens? But wondering if now is the right time to buy? Dive in because, in this article, we have covered the market sentiments and price targets of this altcoin for the coming week.
ETH Price on Path to Breakout Rally:
The leader of altcoins, ETH Price, continues to trade in an ascending channel pattern, indicating increased bullish sentiment for the crypto token in the market. Positively, the Ethereum token added around 1% with a trading volume of $11.02 billion (+31.99%) over the past day.
TradingView: ETH/USDT
Additionally, it added 5.86% over the past seven days and a 35.94% rise year-to-date, highlighting the positive outlook for the ETH token in the next bull rally.
However, the 200-day EMA acts as resistance to the price chart on the 4-hour time frame, suggesting an increase in negative price sentiment for the market. Ethereum token in a short-term perspective.
The Moving Average Convergence Divergence (MACD) displays a consistent red histogram, highlighting increased selling-over-buying pressure in the cryptocurrency market. Additionally, the averages show a steady decline in the chart, suggesting bearish altcoin price action this week.
Is the price of Ethereum increasing or decreasing?
With the increasing volatility in the crypto market, if ETH price maintains its value above the $3,000 mark, bulls will prepare to test its resistance level of $3,200. Sustaining the price will pave the way for Ethereum to attempt to test its upper resistance level of $3,400 in the coming period.
Conversely, if the market experiences increased selling pressure, the altcoin will test its support trendline this week. Additionally, if the bears dominate the market, Ethereum price will bleed and fall to test its lower support level of $2,800 this month.