Ethereum (ETH) Price Initiates a Rebound: Will it Rise Above $4000 in the Next 24 Hours?
The post Ethereum (ETH) Price Initiates a Rebound: Will it Rise Above $4000 in the Next 24 Hours? appeared first on Coinpedia Fintech News
Bearish clouds are again floating over the crypto space as the selling pressure is slowly increasing. Bitcoin, which aimed to surpass $70,000 despite the recent rejection, has slumped hard below $68,500, circulating bearish waves across the markets. Amid growing negative impact within the market, the second largest token, Ethereum, has been displaying some strength. While the lauch of the spot ETF was assumed to have a short-lived impact on the ETH price, it seems that the price is preparing to rise after trapping the bears.
Just a few days ago, spot Ethereum ETF was launched, which set the crypto space on fire as BTC & ETH prices soared above their crucial resistance. After a brief pullback, the second largest crypto has begun to rise in the times when Bitcoin maintains its’ sluggish trend. This suggests that the altcoins may be growing stronger in the coming days, but the ETH price is required to surpass crucial levels to trigger a strong AltSeason.
After maintaining a steady upswing after a giant rebound, the ETH bulls appear to be in constant combat against the bearish actions. As a result, the daily candle has turned out to be a long-legged doji, signalling a huge possibility of a bullish reversal. On the other hand, the OBV, or on-balance volume, is rising and has reached the upper threshold, which indicates heavy accumulation, which could be followed by a bullish breakout.
All the technicals support the bullish narrative of the Ethereum price rally and hence a bullish breakout is expected to occur soon after the ongoing compression. Therefore, once the bears face exhaustion after trying hard to mount selling pressure, the volume is expected to fade out. This could be when the ETH price kicks off a strong rally and reclaims $4000, which could bring it to the apex of the ascending triangle.
Once the price reaches the edge, the result is expected to be in favour of the bulls, who aim to form a new ATH above $5000 and trigger a strong altseason thereafter.
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