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Ethereum: Is a Drop to $3000 Imminent After Rejection at $4000?

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by Giorgi Kostiuk

3 months ago


Ethereum has recently shown volatile price movements, failing to surpass the key resistance level of $4000. An analysis of current data helps evaluate future price dynamics and possible support levels.

Technical Analysis

On the daily chart, Ethereum entered a bullish phase from early November after rebounding from the $2300 support level. However, the $4000 resistance zone was insurmountable, and the price fell back below $3500. The current dynamics suggest a potential drop towards the $3000 support zone and the 200-day moving average. If the price stays above this line, the overall trend may remain bullish. Otherwise, a further fall to the $2000 level is possible.

4-Hour Chart

Looking at the 4-hour timeframe, it's clear the market has failed twice to break the $4000 resistance level, forming a double-top pattern. The $3500 neckline has been broken downwards, and with the RSI showing bearish momentum, there might be more correction or market consolidation in the coming weeks before resumption of an upward trajectory.

Breaking the $3500 neckline and bearish RSI dynamics indicate possible further correction.Edris Derakhshi

Sentiment Analysis

While Ethereum's price is striving for new heights, analyzing futures market sentiment may reveal potential reasons for the correction. The Taker Buy Sell Ratio metric indicates values below one for over a year, attributing the current correction to selling pressure from the futures market. As long as this metric trends downward, recovery might be challenged.

Summarizing, the current technical and sentiment state of the Ethereum market suggests a potential continuation of the correction. However, positions above the 200-day moving average could support a bullish stance.

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