As the overall market collapses, the biggest altcoin in the market, Ethereum, takes a nosedive along with the rest of the top altcoins, except Solana. With the ETH price entering a downtrend after weeks of bull run, the upcoming pullback could be intense.
Further, with the market gurus expecting a downfall before the bulls regain momentum around the Bitcoin halving, the bears could control the trend. So, with the next bounce back potentially coming next month, will the Ethereum price reach $5,000?
To find out more about Ethereum’s coming range, check our ETH price prediction.
ETH Price Under Retest Or Intense Pullback?
Following the bull run, the ETH price undergoes a short-term reversal, threatening a change in the ongoing bullish trend. With a 3.82% drop in the weekly candle, the Ethereum price is heading to retest the $3500 range breakout.
Source – TradingView
As the optimistic eye witnesses a retest during a market pullback, the bears anticipate a breakdown. However, the strong demand at lower levels and the prevailing uptrend projects a high likelihood of a bounce back.
As per the trend-based Fibonacci level, the ETH price hits the ceiling of 78.60% Fibonacci level for a bearish turnaround. With this, the bears mark a strong dominance above $4,000.
Technical Indicators:
MACD Indicator: With the MACD and signal lines sustaining a positive alignment in the weekly chart, the long-term trend is positive.
Will Ethereum Drop To $3,000?
Currently, the ETH price trades at $3,759 with an intraday drop of 3.13% showing a strong bearish candle. However, the lower price rejection in the daily candle teases a post-retest bounce.
In such a case, the altcoin price could surpass the $4,095 mark for a new 52-week high. Further, with the uptrend with the anticipated bull run coming this April, the Ethereum price could skyrocket to $5,000.
Hence, the chances of a drop to $3,000 are minimal in this month.
