According to CryptoPotato, Ethereum's recent surge has stalled, with the cryptocurrency failing to surpass the $4,000 mark. Despite this, there is still optimism for a potential bull run. Over the past two weeks, the price of Ethereum has been on a downward trend, as per the daily timeframe of the ETH/USDT chart. This short-term downtrend began when the cryptocurrency was unable to break through the $4,000 resistance level. At present, the $3,500 level is acting as a support, preventing further market decline. A bearish breakout could lead to a further drop towards $3,000 and the 200-day moving average, which is located in the same area. This would be a crucial point, as a further drop could alter the overall trend.
On the 4-hour chart, the price appears to be rebounding from the $3,500 support zone. A falling wedge pattern has formed and broken above it, which is typically a bullish reversal pattern. If the market can surpass the recent high of around $3,650, a rally back towards the $4,000 resistance zone could be likely. With the RSI also rising above 50%, a bullish scenario seems more probable. However, it is advised to conduct your own research before making any investment decisions and use the provided information at your own risk.
