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Ethereum Price Prediction: Volume Activity Hints ETH Price To Rebound From $3000

Dreal Frankie by Dreal Frankie
April 17, 2022
in Crypto news
0
The V-top correction rally slumped the ETH PRICE to the $3000 mark. This support level aligned with the 50 and 100 DMA line stalled the ongoing retracement, and decreasing volume activity teases a bullish reversal. The potential recovery would surge the altcoin back to the $3600 mark.

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.

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