Ethereum price, after trying hard to break the $ 3,000 level for almost 2 months, saw 13 straight green candles to march towards $ 3,200. Since then, the ETH price seems to have been hovering in a very narrow range, suggesting healthy accumulation. With dumping near the $ 3,000 mark, a massive rebound from these levels suggests a bull run soon.
Conversely, a small correction could cause the ETH bull market rally to float in the short term, as the technical data appear to be bearish. The daily chart is signaling a likely bearish divergence, but the $ 3000 mark could be safe. If not, even a small decline below these levels would be short-lived.
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Here on the daily Ethereum chart, the indicators seem pretty bearish. Trading volume has fallen, MACD is on the verge of giving a bearish signal. In addition, the RSI is also trending within a descending parallel channel. Interestingly, despite a bearish trend, prices are still moving north, which could confirm a significant correction ahead.
Ethereum price is currently retesting the top of the daily flagging structure. However, recent retests coupled with the lower high could facilitate a transition to a new structure. If the ETH price stays above $ 3,300, the price could climb towards $ 4,000 to $ 1,000.
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