Ethereum Price Analysis: Here’s Why ETH Bulls Are Falling Short of Strength as Bearish Targets Get Activated

The post Ethereum Price Analysis: Here’s Why ETH Bulls Are Falling Short of Strength as Bearish Targets Get Activated appeared first on Coinpedia Fintech News

The crypto markets appear to have initiated a recovery after hitting the monthly lows, while the bulls do not seem to have geared up. The top tokens, like Bitcoin & Ethereum, are facing immense bearish pressure soon after a small rise, which indicates the sellers are extremely focused on extracting profits. The ETH price, too, is struggling to hold the $2,500 price zone and maintain a decent ascending trend while the upward pressure escalates. While the long-term price action remains bullish, the question arises: are the Ethereum bulls waiting for another pullback? If yes, where could the token find its bottom?

To analyze the ongoing trend within any crypto, the smaller-time technical fractals offer a wider and clearer picture. 

The short-term or 4-hour price chart of the ETH price is displaying a strong recovery as the bulls remain poised to keep up the bullish trend. However, a couple of factors suggest the bearish action has not yet been completed. Therefore, this raises the possibility of another pullback, while the $2000 support is expected to remain unattended. 

The price recently broke down from the rising wedge, which does flash bullish signals as the token could be ready for a major upswing. However, the volumes appear to be a matter of concern, as the sellers appear to be more vigilant than the buyers. The past couple of price slashes have been accompanied by twice the volume of bulls with a bearish MACD crossover. Moreover, the price is constantly moving below the EMA 100. Hence, the Ethereum price prediction remains bearish towards the first target at $2,252 and later at $2,073. 

On the contrary, if bulls find some hope and manage to break above the resistance close to $2800, then the bearish narrative may be squashed. Until then, the Ethereum (ETH) price rally may remain stuck under bearish influence, heading towards the support zone.