Crypto weekends are pretty scary nowadays as they usually end on a big bearish note. To be sure, the current trend is quite consolidated rather than bearish. However, a minor drag followed by a recovery could prevail. However, in the coming days, the price of ETH may continue a noticeable downtrend, but it could still trade strongly above $2,500. But what levels can the asset reach if it starts a strong rebound? Let’s see!
Ethereum price appears to have started a small recovery from the lows as an asset after consolidating around $2,300, flipped and ranged above $2,500. In the midst of the uptrend surrounding the short-term trend, the possibility of the price repeating the previous trend is high. If it replicates the same trend, the price of ETH may drop again after a remarkable recovery.
Also Read: If History Repeats This Is When Bitcoin Price Hits New ATH With Alt Season Gearing Up!
After a bearish break of the downtrend, the price fell sharply but remained above the strong support at $2500. The RSI on the STF has drifted south which means a drop in price. While on the HTF, the RSi is poised to make a big bullish divergence. Despite the sales volume that remains high in the short term, the volume remains quite low. And therefore, only a noticeable influx of buying volume can reverse the trend with minimal effort.
Interestingly, in the long term, the MACD is about to release a big buy signal as the buying volume starts to build up. In such a scenario, if the previous trending ETH price turns around after a reasonable recovery, then it may land hitting lower support with the next leg down. And here, if the buyers jump in with high liquidity, a strong reversal can be expected, otherwise the bears can continue to hover over the asset.
This post What can we expect from the price of Ethereum (ETH) in the coming week?
was published first on https://coinpedia.org/price-analysis/what-can-we-expect-from-ethereum-price-in-the-upcoming-week/