Ethereum Set to Reclaim $4000 as Correction Nears End

The Ethereum price is showing signs of a potential rebound after a healthy pullback, as it forms a bullish pattern indicating a likely uptrend.
The Ethereum price may encounter significant selling pressure around the $3700 level, potentially forming a head and shoulders pattern before the next upward movement. Despite a trading volume of $13 billion, indicating a 34% decrease, Ethereum’s intraday performance suggests potential price recovery.
Market Volatility Persists with Bullish Reversal Pattern
This week, the cryptocurrency market persisted in its volatile nature, characterized by fluctuations in prices of major cryptocurrencies such as Bitcoin and Ethereum. Both Bitcoin and Ethereum exhibited narrow consolidation patterns, indicating indecision among market participants. Neutral candles with long wicks were observed, suggesting a balanced tug-of-war between buyers and sellers.

Despite the overall market uncertainty, Ethereum’s 4-hour chart revealed a potentially bullish sign: the formation of an inverted head and shoulders pattern. This pattern is typically interpreted as a signal for a bullish reversal. If validated, it could indicate a shift in momentum towards upward price movement for Ethereum.
Ethereum’s Rebound and Surge
Ethereum’s Rebound and Retracement: Ethereum, the second-largest cryptocurrency, bounced back from its recent correction by finding support around $3060 in March’s fourth week. This level aligns with the 38.2% Fibonacci retracement, signaling a healthy phase of retracement for Ether to regain bullish momentum.

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