Ethereum (ETH) Price Analysis

Ethereum (ETH) dropped considerably after briefly crossing $4,000 at the beginning of the week as it failed to consolidate above it yet again allowing sellers to drive the price lower. ETH has been bullish since the US elections but registered a substantial drop at the beginning of last week, falling over 7% to a low of $3,536 before settling at $3,715. The price continued to drop on Tuesday, falling 2.30% to $3,630.

However, ETH brushed aside the growing bearish sentiment on Wednesday, registering an increase of 5.62% and settling at $3,834. Buyers retained control on Thursday as ETH rallied to an intraday high of $3,988. It lost momentum at this level and dropped to settle at $3,882, ultimately registering an increase of 1.26%. ETH went above $3,900 on Friday after rising 0.63% and settling at $3,907.

Despite registering considerable gains since Wednesday, ETH fell back on Saturday, dropping almost 1% to go below $3,900 and settle at $3,869. However, buyers returned to the market on Sunday as ETH rose 2.25% and settled at $3,956.

The current week began with ETH experiencing significant volatility as buyers and sellers attempted to establish control. As a result, ETH fell to an intraday low of $3,882 and rose to an intraday high of $4,106 before settling at $3,985. ETH fell into the red on Tuesday as sellers returned to the market, dropping by 2.34% and settling at $3,982. The current session sees ETH continue to decline, with the price down just over 1% and trading around $3,850.

If sellers can drive ETH below the 20-day SMA, it could drop to $3,500 before recovering. On the other hand, buyers will attempt to regain control and reclaim $4,000.

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