Is this the final correction for Ethereum price ($ETH ) before reaching the $4K mark?
The cryptocurrency market corrected 1.51% over the past day, indicating a reduced bullish influence in the cryptocurrency space. Moreover, the top tokens have shown uniform price movement over the past few days, indicating weak price movement for these altcoins over the coming days.
Moreover, after the ETF was approved, the price of ETH traded under strong bullish sentiment for a brief period. However, since the beginning of the week, Ethereum (ETH) price has shown a high probability of a bearish reversal in the price chart.
ETH Token Signals a Bearish Reversal!
Following the cross-border market correction on Wednesday, the price of ETH, the altcoin leader, recorded a 2.58% correction with its trading volume declining by 11.28% to $16.596 billion over the past day.
Moreover, the Ethereum token has added less than 0.10% over the past seven days, indicating weak buying and selling pressure for the crypto token.
ETH price continues to move near the important support level of $3,730, indicating a slowdown in the price action. Moreover, the SMA indicator is showing a bearish crossover in the 1D time frame, indicating increasing selling pressure within the cryptocurrency space.
