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The cryptocurrency industry continues to display a significant fluctuation in valuation, indicating an increased price action in the market. Further, the leader of altcoins, Ethereum price has gained massive attention from the industry by adding approximately 3% within past hour.
With the Bitcoin Halving days away, the consolidated market sentiment indicates the rise in the number of Hodlers in the industry, highlighting a positive outlook for the crypto space during the upcoming months.
ETH Price Hints At A Bullish Price Action!
After trading in a closed range between $3,881 and $4,068 for over a week, the bulls lost momentum, and started trading under a bearish influence, resulting in the Ethereum price recording a correction of 22.59% within the next seven days.
After testing its low of $3,149, the bulls regained momentum and jumped 12.25% before facing rejection above the resistance level of $3,472. Since then, the Ethereum token has been trading in a consolidated range between $3,274 and $3,666, indicating a weak price action for the star altcoin in the crypto industry.
TradingView: ETH/USDT
The Cross EMA 50/200-day displays a high possibility of a Golden Cross, indicating a strong bullish outlook for the altcoin during the coming time.
On the other hand, the MACD shows a constant green histogram, highlighting increased buying-over-selling pressure in the crypto industry. Moreover, the averages display a steady rise, suggesting the price will continue gaining value during this week.
Will Ethereum Price Increase?
If the market holds the price above the support level of $3,472.75, the bulls will continue trading under a bullish sentiment and test its resistance level of $3,666.11 by the coming weekend. Moreover, if the bulls hold the price at that level, it will prepare to test its upper level of $3,881 during the upcoming week.
Negatively, if a trend reversal occurs, the bulls will lose momentum and fall to test its support level of $3,274 this week. Furthermore, if the bears continue to dominate the market, it will continue bleeding and prepare to test its lower support level of $3,149.
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