Bitcoin price failed to break the $48,000 resistance level. Major altcoins are moving lower. Ethereum’s price is down over 2% with the price dropping below the $3,500 support. Despite the smart contract hype, Cardano price is still consolidating at $2.5.
Will ETH Price Rebound?
Ethereum price has dropped below $3,500 support and entered the consolidation phase. At the time of writing, the ETH price is trading at $3,465.92.
The altcoin price needs to break the $3,576 pivot to bring the first major resistance level at $3,669 into play. However, positive market sentiments might trigger ETH price to break out from $3,650 levels.
In an extended crypto rally, the first major resistance level at $3,675.92 if ETH rises above this level the altcoin can hit the $3,800 level before any pullback. The second major resistance level lies at $3,769.
On the flip side, if the ETH price fails to break the $3,576 pivot level the first major support level at $3,476 comes into play. In an extended selling pressure, Ethereum might drop to the potential low price of $3,300 levels.
Overall, Ether is unstable as the price fluctuates above the current support. As the market fluctuates, there is a tendency for the price to break the current support.
Looking at the Technical Indicators
- First Major Support Level: $3,476
- First Major Resistance Level: $3,669
Ethereum Price Eyeing $6500
Popular market analyst Peter Brandt recently shared the technical chart for LTC showing a cup and handle formation.
Popular market analyst Raoul Pal responded by saying Ethereum has a similar formation on the technical charts. The “cup and handle” usually follows a bullish price trend if we witness a breakout above the handle.
The cup and handle patterns have a success rate of nearly 65% to 68 %. If the price retests the $4,112 resistance and rises above this level, the ETH price can surge as high as $5,437. As a result, this will trigger another ETH run-up to $6,500 levels