With a strong bullish recovery in the market over the past weekend, top crypto tokens have displayed a significant uptrend in their respective portfolios. This highlights a high possibility of a positive outlook for these tokens this week.
However, since the Ethereum ETF launch, the Ethereum price has continued its struggle to regain momentum and is constantly hovering close to its $3.3K level. What’s next for the Ethereum token as the market records increased bullish action?
ETH Crypto Records Increased Price Volatility:
Despite recording a correction of 3.15% within the past seven days, the Ethereum coin price has successfully regained momentum and has jumped 4.84% in valuation within the past day with a trading volume of $11.076 Billion and a 24-hour high of $3,384.53.
Furthermore, the altcoin leader, ETH coin price, has formed a descending channel pattern in the 1D time frame and has continued to trade within it since mid-May. This highlights a long-term bearish sentiment in the crypto market.
However, following a breakdown it has also formed an ascending channel pattern, indicating a significant rise in its buying pressure over the shorter time periods for the Ethereum token.
Ethereum Market Sentiments:
The Relative Strength Index (RSI) displays a sharp rise above the mid-point. Further, its average trendline shows a potential positive crossover. This suggests that the price will continue gaining value this week.
Moreover, the MACD indicator has displayed a constant decline in its red histogram with a high possibility of a bullish convergence in the 1D time frame. This indicates an increase in the buying-over-selling pressure.
Can ETH Price Hit $5K This August?
If the market continues trading under a bullish sentiment, the Ethereum price will gain momentum, break out of its resistance level of $3.7K, and head toward its upper high of $4,000 in the coming time.
However, if the bears regain control over the bulls, the ETH crypto price will plunge toward its crucial support level of $2,800 during the upcoming weeks.
Read More: Will Ethereum (ETH) Price Retest $4K Or Plunge To $2.8K In August?
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