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20 May 2024
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Here’s Why Ethereum Charts Might Turn Bullish Now: ETH Targets $4k? 

Despite ruling the crypto market, Ethereum dropped to $2866 earlier today. It is not only the ETH situation as the entire crypto market is facing another slow day where the recoveries are slow and fall prominent.

Ethereum is highly affected by the market’s neutral sentiment, as it’s been below the $3K mark for days now. Not only that, but its demand in the market is also low. In this blog, let us discuss the possibility of ETH surging to stability and whether there are any bullish indicators or not.

Analyzing The Ethereum Price Performance

At the moment of writing, ETH is trading at $2,974.66 and has surged 2.63% in the last 24 hours. The market cap has also risen the same, pushing the value to $357,136,464,486. Moreover, the number of transactions is also up, bringing the trading volume to $12,812,028,821.

Ethereum price analysis

Ethereum had a good start at the beginning of the year when it surged to $4K. Though the price could not stay stable there, ETH maintained its price above $3k for months before declining in May. Most investors recovered their losses then because Ethereum was trading even lower in the previous year.

Will the Ethereum Price Recover?

Ethereum price has already started to recover, but the bears are still active. Most technical indicators are pointing to a price drop for now, as the selling pressure is higher than the buying. The MACD level, the simple and exponential average for 30,50, and even the last 100 days talk of the selling zone for this altcoin.

However, Ali has a different prediction than the rest. Ali, a famous crypto analyst, has posted on X about the possibility of a rebound in the ETH price. As per his post, TD Sequential indicates a buying signal, and the Ethereum price could see a rebound of one to four candlesticks.

Final Thought

ETH is currently surging to $3K despite the bearish signals. Ethereum will find support above $2,985, touching $3K before facing another correction. It is because the bears are still active for Ethereum, and the market is sluggish. Moreover, the SEC’s decision on Ethereum Spot ETF does not sound promising, adding more troubles to Ethereum’s performance in the market.

The post Here’s Why Ethereum Charts Might Turn Bullish Now: ETH Targets $4k?  appeared first on CoinGape.

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