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The V-top correction rally slumped the ETH price to the $3000 mark. This support level aligned with the 50 and 100 DMA line stalled the ongoing retracement, and decreasing volume activity teases a bullish reversal. The potential recovery would surge the altcoin back to the $3600 mark.
Key points:
- The rising OBV indicator slope bolsters price reversal
- A significant drop in the ADX slope highlights the lost bullish momentum during the correction rally
- The intraday trading volume in Ether is $8.91 Billion, indicating a 3.5% loss
Source- Tradingview
The Ethereum(ETH) recovery rally pivoted from the $3600 mark on April 5th. The sellers put immense pressure on coin price as Bitcoin witnessed a flash crash below the $45000 support.
The correction rally tumbled the ETH price by 16%, bringing it to a psychological support level of $3000. Amidst the uncertainty in the crypto market, the coin price has been hovering above this support for the past six days.
However, the decreasing volume activity during the pullback and a bullish breakout of the falling trendline bolster a reversal possibility. If this happens, the ETH price would breach the over ceiling of $3281 and rechallenge the $3600 mark.
On a contrary note, if sellers dumped the altcoin below the $3000 support, the extended correction phase would undermine the March recovery rally and drop the coin to $2750 support, followed by $2500.
The ETH price currently traders at $3065 mark with an intraday gain of 0.24%.
Technical Indicator
The OBV slope indicator shows a relatively larger pump than that of price action, suggesting the increasing underlying bullishness in the price.
The 50 and 100 DMA aligned with the $3000 mark mount a strong support region for buyers. Moreover, a bullish crossover among these DMAs brings additional buyers into the market.
- Resistance level: $3281 and $3600
- Support levels: $2750 and $2500
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