Ethereum clings to the $3k price mark with a downward direction in a descending triangle. ETH is respecting the resistance line and continuing its effort to break it without any success.
Ethereum clings to $3k. what’s next?
Ethereum failed to continue its bullish momentum last week and started to drop in price after touching a high of $3,399 on April 8. Ethereum clings to the $3k price mark in today’s trading sessions. In the 4H price chart, ETH is moving in a descending triangle which is a bearish pattern but, if we look closely at the resistance line of the triangle Ethereum is testing the resistance line. For now, the resistance level at $3,120 is the resistance. If ETH can cross this resistance, then it has to break another at $3,200.
RSI is hovering around 39 indicating a selling sentiment for Ethereum. We can see a consolidation phase for a bit. Once ETH breaks outside this descending triangle then it can decide its next momentum direction. If Eth continues its downward movement then we might head towards support lines that are below the $3k mark.