The cryptocurrency market has displayed a negative price action for 3 out of 4 trading days this month, indicating a strong bearish reversal in the crypto space. Moreover, the top tokens have failed to hold their values above their important support levels, indicating a negative outlook this week.
Further, the Ethereum token, the second largest cryptocurrency by market cap, has recorded a similar trend by breaking down its important support level. With the ongoing market turmoil, is the ETH price on the path of retesting its crucial support level of $3,000 this July?
ETH Price Fails To Retest Its Important Resistance Trendline:
The altcoin leader, Ethereum Price, has displayed a bearish price action for the third consecutive day. This has resulted in its price plunging below its important level of $3,200 during the early Asian trading hours today. Further, the Ethereum price has lost 5.123% in valuation within the past 24 hours.
Moreover, with a drop of approximately 9% this week, the ETH crypto price continues to record increased bearish price action. Moreover, the altcoin has continued trading within the descending channel pattern since mid-May, highlighting uncertainty in future price sentiment.
At the time of writing, the price of the Ethereum token was $3,187.59 and with a drop of 16.29% within the past 30 days, it displays a high possibility of testing its crucial support level of $3,000 this month.
Ethereum Market Sentiments:
The Relative Strength Index (RSI) has failed to retest its mid-point in the 1D time frame. This has resulted in the indicator recording a sharp drop toward the oversold range.
On the other hand, the MACD has recorded a rising red histogram, highlighting an increase in the selling-over-buying pressure in the crypto space. Further, the averages show a bearish trend, suggesting the ETH price will continue losing value this week.
Will The ETH Coin Price Drop To 3K This Week?
If the market regains momentum, the Ethereum token will prepare to test its resistance level of $3,400. Furthermore, if the bulls hold the price at that level, it will set the stage for the ETH token to attempt to test its upper resistance level of $3,730 during the upcoming weeks.
Conversely, if the bears continue to dominate the crypto market, the Ethereum (ETH) price will plunge toward its crucial support level of $3,000 this month.
