Is Ethereum Price Falling Into Bearish Trap? This Is When It Could Break From Consolidation!

Ethereum price after attempting hard to smash $3000 levels for nearly 2 months, recorded 13 straight green candles to march towards $3200. Since then the ETH price seems to trend within a very narrow range pointing towards a healthy accumulation. With dumping close to $3000 but a massive rebound from these levels point out towards a bull run resuming soon.

Conversely, in the short term, a small correction could be hovering the ETH bull rally as the technicals appear to be bearish. The daily chart signals a probable bearish divergence but the $3000 levels could be secure. If not a small dip below these levels would also be short-lived. 

Also Read: Here’s The Next Major Target Levels For Ethereum (ETH), Chainlink (LINK), and Polygon (MATIC)

Here in the daily Ethereum chart, the indicators appear to be pretty bearish. The trading volume has gone down, MACD is on the verge of giving a bearish signal. Moreover, the RSI is also trending within a descending parallel channel. Interestingly, despite a bearish trend, yet the prices remain ranging towards the north which may validate a substantial correction waiting ahead.

Ethereum price is currently retesting the top of the daily flagging structure. Yet the recent retests coupled with the lower high could facilitate a transition into a new structure. If in case of ETH price sustain above $3300 then the price could march towards $4000 to $1000. 

Also Read: These Metrics Hint at a Bull Rally for BTC, ETH, ADA & XRP