Ethereum

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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/ethereum-price-analysis-is-a-bearish-dominant-move-ready-to-plunge-eth-price/">Ethereum Price Analysis: Is A Bearish Dominant Move Ready To Plunge ETH Price?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>The markets hope for a recovery with the Bitcoin ETF deadline this Friday, but Ethereum remains dormant in a range. With 37.25% YTD growth, the recent correction plunges the ETH price to $1639, a 23.68% discount from the 2023 high of $2142.Failing to form an inverted head and shoulder in the 4-H chart, the ETH price action finds a supply portal at $1690.<figure class="wp-block-image"><img src="https://lh5.googleusercontent.com/mFJSzDx-2PQZb6PdicXY8LkLku0oWjLjSKfofaCE-R3WOEFGgvtf99V--gwt6afFsrupbrobYf7FayGmKJCxAEhJaBq2-Dr8mLxFGLTwoYYuK8J4UlznENdPWhoFiI6xSnmlwCWSBhpWMuM0Itrv7fE" alt=""></figure>Leading a sideways trend in the consolidation range, the ETH price forms a range between $1639-$1668. The bearish side seems dominant, with the overhead resistance coinciding with the 38.20% Fibonacci level.&nbsp;Adding points to the bearish team, the ETH price action hints at a double-top pattern, with a neckline at the bottom support.&nbsp;Currently, the ETH price trades at $1639 with an intraday loss of 1.08%, leading to a bearish daily candle.&nbsp;<h2 id="will-ethereum-prices-find-a-recoil-rally" class="wp-block-heading">Will Ethereum Prices Find A Recoil Rally?</h2><figure class="wp-block-image"><img src="https://lh6.googleusercontent.com/15rtJvOK19HGfI9tYMwIB-wzbc8dnLVMt6-8rEt-YZWq1assIdj0Err3csKqVW0f7UXHRqvhxsatr_ZVHNPKWizG2JzKijNHMvPHw7i2SAkvXYVn539d-tZrlfDCtBzsAh7eNhihfar5uFloLtV1gDk" alt=""></figure>Despite the consolidation, the ETH price action finds strong bearish opposition as buyers struggle to sustain the range. Moreover, the ETH price maintains a diagonal trend as it fails to rise above $1690.With growing bearish evident in the 4H chart, the potential death cross in the 1-day chart warns of a prolonged correction phase. In case of a drop below $1600, the ETH price may plunge to the $1540 mark.&nbsp;On the flip side, the buyers find optimism in the lower price rejection from the 78.60% Fibonacci level at $1579 and the upcoming ETF news. A recovery trend resurfacing above $1690 can fuel a bullish trend to $1776.

Ethereum Price Analysis: Is A Bearish Dominant Move Ready To Plunge ETH Price?

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