- Ethereum price is retesting a breached weekly trend line.
- Ethereum price RSI has breached buyers' territory.
- Invalidation of the bearish thesis is a close above $3,100.
Ethereum price shows mixed signals to start this week's trading sessions. The bottom may not be in yet, and more price drops could occur later this week.
Ethereum price says let it fly, don't be early
Ethereum price could entice traders to look for early entries as the price retests the breached weekly trend line. First reactions off a trend line are usually very significant however ETH price pride does have more bearish factors to consider,
At the time of writing, the Ethereum price is trading at $2,960, under a previous weekly high of $2,970. Many FX readers may remember this level as it was marked out to play a significant role during the March rally. Ethereum price will need to hurdle and settle above this key barrier level to validate the bullish strength. The bears should not be underestimated as they have printed a large bearish engulfing candle to start the week on the 4-hour chart. The Relative Strength Index has fallen past buyers' territory, thus, it may be too early to consider a true market bottom. ETH price could fall to $2,600 if the bears keep up the momentum.
ETH/USDT 4-Hour Chart
Invalidation of the bearish setup will be a closing price above $3,100. If this bullish event occurs, analysts will consider the downtrend over and look to join the bulls on a pullback in price. The bulls could have enough power to send the Ethereum price back to $3,300 resulting in a 10% increase from the current ETH price.