Ethereum Price Prediction: ETH Price To Plunge To $3.2K This Crypto Market Crash? (2024)

With a surge of 74.63% in its trading volume and a price correction of 3.56% within the past 24 hours, the Ethereum price has plunged below its important level of $3,500. Furthermore, with the rising bearish sentiment, the market sentiments hint at a further fall in its value.

Notably, the altcoin leader, ETH Price, has started this week on a bearish note by losing over 5% in valuation over the past 2 days. Moreover, the price continues its struggle to reclaim the $3,500 mark, indicating a negative influence in the crypto space.

With the ongoing cross-border market correction, will the Ethereum token make a comeback this week? Or will its price plunge toward its crucial support level of $3,200? Dive in as, in this article, we have covered the market sentiments and short-term price analysis of Ethereum crypto.

ETH Coin Price On The Verge Of A Major Break Down:

After hovering close to its important support level of $3,700 for a brief period post Ethereum ETF approval by the SEC, the bulls failed to hold the value above its support level. This resulted in the Ethereum price experiencing a breakdown in its price chart.

Since the breakdown, the ETH token has been constantly trading in a closed range between $3,400 and $3,700, highlighting a weak price action for the altcoin in the crypto market.

Moreover, the altcoin leader has formed a symmetric triangle pattern in the 1D time frame and is on the verge of testing its support trendline, the outcome of which is uncertain.

Ethereum Market Sentiments:

The Simple Moving Average (SMA) displays a bearish crossover in the 1D time frame, suggesting a weak bullish sentiment in the crypto space.

The technical indicator, RSI, fails to gain momentum, resulting in it recording a bearish reversal above the mid-point. Furthermore, it is now headed toward its oversold range, highlighting an increase in the selling-over-buying pressure for the Ethereum token in the market.

Will The ETH Price Go Up?

If the bulls hold the Ethereum crypto above the support trendline of the symmetric triangle pattern, it will test its resistance level of $3,730. Maintaining the value at that level will set the stage for the ETH coin price to attempt to test its upper resistance level of $4,094.75 this month.

How Low Will ETH Go?

On the contrary, if the bears overpowered the bulls, the Ethereum price will continue trading under a negative influence, break down its support trendline, and test its support level of $3,400 this week.

Furthermore, if the bearish sentiment intensifies and the bears continue to dominate the market, the ETH token will plunge further and prepare to test its crucial support level of $3,000 during the coming time.

Also Read : Bitcoin, Ethereum, And XRP Price Prediction: Is The Bull Rally Over?

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