Ethereum (ETH) Bulls Out of Options, $4K Breakout in Peril

Briefly –

  • Ethereum (ETH) has its price stalling after touching the 61.8% Fib zone.
  • The alt sees increased overhead pressure due to an impending correction towards $3,000.
  • The MACD indicated a vivid bearishness after a sell gesture.

Asian sessions had ETH trading slightly over $3,300 today, Tuesday. On Monday, the leading alternative coin registered dull price actions. That way, bulls failed to break the $3,400 resistance for an uphill price move towards $4,000.

On the other side, BTC claimed some ground to hover over $50,000. However, a looming correction has the leading crypto marginally beneath this critical price mark.

Ethereum Expects a Pulldown towards $3K

Ethereum’s recoveries over $3,300 exposed the $3,600 – $4,000 resistance. However, the massive obstacles near the 61.8% Fib level of $1,721 swing lows and $4,400 highs still keep these zones on the horizon.

If the asset lacks enough momentum to overpower the obstacle, bulls might find it challenging to take ETH towards $3,600 then $4,000. Besides that, the MACD depicts bearishness.

Keep in mind that the MACD calculates the asset’s trend momentum. Meanwhile, a mean line retreat by the technical index indicates sellers gaining strength. The bearish thesis dominated the crypto after sell gesture showcased. That was after the 12-day EMA crossed beneath the 26-day Exponential Moving Average (EMA).

ETH-USD Daily Chart

Meanwhile, the altcoin anticipates support at $3,200, confirming the bull’s role in the crypto market. That supports Ethereum resuming its uptrends. Remember, the RSI moves to the overbought territory gradually, hinting at an incoming bullish strength.

For now, Ethereum requires a daily close over the 61.8% Fib to restore bull’s power, aiming to conquer the obstacles at $3.4K, 3.6K, and $4K. Keep in mind that the 50-SMA crossed over the 100-SMA, supporting upside price actions.

Ethereum requires uptrend catalysts for bull’s actions to take the alt towards its target at $4,000. The crypto market support is necessary for the token’s higher moves. Meanwhile, analysts suggest that the assets cooled in search of momentum to rally higher.

Intraday Levels

  • Spot rate – $3,315
  • Trend- bearish
  • Volatility – low
  • Support – $3,200, $3,000
  • Resistance $3,400, $3,600