Ethereum (ETH) Comes Back on Track After 14% Pullback as Bulls Appear to be Poised to Hit $4000 Anytime From Now!

The post Ethereum (ETH) Comes Back on Track After 14% Pullback as Bulls Appear to be Poised to Hit $4000 Anytime From Now! appeared first on Coinpedia Fintech News

The crypto markets are undergoing a roller coaster ride, with the top two tokens possessing extreme volatility. The Bitcoin price marked the lows below $60,000 recently, which attracted huge liquidity, causing a notable rebound. While the price failed to regain the lost range, the Ethereum price reclaimed levels around $3800, suggesting the next phase of the rally is yet to begin. 

The ETH price is trading in an equilibrium position in the short term, which suggests it carries the possibility of either breaking above the range or testing the local support. This move may largely determine the upcoming price action in the long term, as the bulls are poised to test the milestone at $4000 anytime in the upcoming week. 

The short-term or hourly chart suggests the ETH price is trading sideways as it is approaching the apex of the decisive symmetrical triangle. The Bollinger bands are also parallel, which suggests there is still the opportunity for a bullish breakout or bearish breakdown. Given that BTC is already near a strong zone, both moves are expected and hence a bullish move may cause the ETH price to push higher. 

In the event of a bullish breakout, the Ethereum price is believed to surpass $4000 and reach $4072.31 in the first attempt, which could further elevate to $4267.83. On the contrary, if the bears intensify their action, then the price could initially drop back below $3600 to hit $3547 which may further escalate to $3374.98 if the bulls fail to defend the lower support. Collectively, the day’s close may have a huge impact on the Ethereum price which may set the required price action in the coming days.