Despite increased price volatility in the cryptocurrency industry, the leader of altcoins, Ethereum price, continues to display a bearish price sentiment following the delay in the SEC’s approval of the EthereumETF. This resulted in weak buying and selling pressure for this altcoin in the crypto market.
Furthermore, the ETH price has risen 2% within the past seven days but a correction of approximately 9% over the past 30 days. Moreover, the Year-to-Date (YTD) return of the Ethereum token stands at +35.86%, indicating a long-term bullish sentiment for the ETH token in the industry.
ETH Token Forms A Symmetric Triangle Pattern:
The second largest cryptocurrency by market cap, the Ethereum token continues to display a weak price action, indicating a rising disinterest of investors in it. Furthermore, the ETH price has formed a symmetric triangle pattern in the 4H time frame and continues to trade within it.
On the other hand, the Cross EMA 50/200-day shows a bearish sentiment, indicating a negative outlook for the leader of altcoins, the Ethereum token, this week.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, highlighting increased buying pressure within the crypto space. Furthermore, the average shows a neutral trend, indicating uncertainty in future price action.
Will Ethereum Price Increase?
If the market holds the price above the support level of $3,022, the bulls will regain momentum to test its resistance trendline of the symmetric triangle. Moreover, if the bulls continue to dominate the market, it will continue rising and prepare to test its upper high of $3,203.50 in the coming time.
Negatively, if the bears overpowered the bulls, the price would lose momentum and test its support level of $3,022. Further, if the bulls fail to regain power at that level, it will plunge toward its crucial support level of $2,864 this month.
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