Ethereum’s price has been correcting over the last few weeks following a decisive rejection from the $4,000 resistance level back in March. Yet, the market might be about to make a U-turn.
Ethereum Price Analysis: Technicals
By TradingRage
The Daily Chart
On the daily chart, the price has been forming a large descending channel pattern since the beginning of the correction. The lower boundary of the channel has recently been tested and pushed ETH to the upside.
The market has also held above the $3,000 support level, and investors are hoping for a rally toward the $3,600 resistance zone in the short term. Yet, so long as the channel remains intact, a further bullish continuation cannot be expected.
Source: TradingView
The 4-Hour Chart
The 4-hour chart further clarifies the recent price action. It is evident that the $3,000 support level has prevented the price from dropping any lower, and the market is forming a bottom.
The cryptocurrency is currently running toward the midline of th
We współpracy z: https://cryptopotato.com/eth-poised-for-a-large-move-following-successful-defense-of-3k-level-ethereum-price-analysis/
