The Ethereum[ETH] recovery rally pivoted from the $3600 mark on April 5th. The sellers put immense pressure on coin price as Bitcoin witnessed a flash crash below the $45000 support. The correction rally tumbled the ETH price by 16%, bringing it to a psychological support level of $3000. Amidst the uncertainty in the crypto market, the coin price has been hovering above this support for the past six days.
However, the decreasing volume activity during the pullback and a bullish breakout of the falling trendline bolster a reversal possibility. If this happens, the ETH price would breach the over ceiling of $3281 and rechallenge the $3600 mark.
On a contrary note, if sellers dumped the altcoin below the $3000 support, the extended correction phase would undermine the March recovery rally and drop the coin to $2750 support, followed by $2500.