Ethereum
Is this final Ethereum (ETH) price correction before reaching the $4,000 mark?
The cryptocurrency market corrected by 1.51% over the past day, indicating reduced bullish influence in the crypto space. Additionally, major tokens have shown consolidated price movement over the past few days, suggesting weak price action for these altcoins over the coming days.
Additionally, after the approval of the Ethereum ETF, the ETH coin prices traded in strong bullish sentiment for a brief period. However, since the start of the week, Ethereum (ETH) price has displayed a strong possibility of a bearish reversal in its price chart.
The ETH token portends a bearish reversal!
Following the cross-border market correction on Wednesday, altcoin leader ETH price recorded a 2.58% correction with an 11.28% drop in its trading volume to $16.596 billion during the last day.
Furthermore, the Ethereum token added less than 0.10% over the past seven days, indicating low buying and selling pressure for the crypto token.
TradingView: ETH/USDT
The ETH coin price continues to hover near its important support level of $3,730, indicating a slowdown in price action. Additionally, the SMA indicator shows a bearish crossover on the 1D timeframe, indicating an increase in selling pressure within the crypto space.
The Moving Average Convergence Divergence (MACD) shows a steady decline in the green histogram. Furthermore, the averages register a strong possibility of bearish convergence, suggesting weak price action for the altcoin leader in the market.
Will ETH Price Recover 4K in June?
Suppose the market maintains the price above the $3,730 support level. In this case, the bulls will regain momentum and the Ethereum token will prepare to retest its important resistance level of $4,095 in the coming weeks.
Conversely, if the bears overpower the bulls, the ETH coin price would break its support level of $3,730 and plunge towards its lower support level of $3,400 in the coming time.
Also discover: Altcoins stumble amid bearish action! Are ONDO and FTM prices ready for a 10% pullback?