Ethereum's price fails to climb back above $4,000 level and is currently dropping lower. Bullish rebound still possible. $3,000 support level a probable target. RSI indicates oversold condition.
Ethereum 's price has failed to climb back above the $4,000 level and is currently dropping lower. While the market is correcting at the moment, a bullish rebound is still possible in the near future. On the daily timeframe, the price was rejected from the $4,000 level back in March and is yet to recover. The market has also failed to claim back the $3,500 level and has been rejected lower from this zone.
Currently, the $3,000 support level seems like a probable target, as the Relative Strength Index has also broken below 50%. Yet, the bullish trend might not be over yet, as the price is still trading above the 200-day moving average.Looking at the 4-hour chart, the recent market consolidation seems clearer. The price created a rising wedge and broke it to the downside, which is a classical bearish continuation pattern. While ETH is approaching the $3,000 support level, the RSI is dropping below the 30% mark, which indicates ETH is oversold in this timefram
Ethereum Price Drop $4 000 Bullish Rebound Market Correction Support Level RSI Oversold
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