Many are speculating about further price declines based on this. This analysis will explore whether Ethereum can bounce back from this.
Ethereum (ETH) has been struggling in the crypto market. Its daily chart confirmed the solid bearish sentiment. Genesis firm’s recent unloading of ETH to exchange is a potential catalyst for this bearish momentum.
Genesis moved 40,000 ETH tokens to two wallets, causing ETH to plummet significantly below its support level of $3,100. The position below support suggests that sellers are dominating, making it challenging for ETH to regain its strength.
Many are speculating about further price declines based on this. This analysis will explore whether ETH can bounce back from this.Ethereum Recent Price Movement
Ethereum’s price has been bearish since July 1. On July 05, the coin dropped from $3,479 to a low of $2,834, marking an 18.53% price decline. The next day, ETH recorded a bullish momentum that took it to $3,546 on July 15.
From July 15 to 24, ETH consolidated within the $3,400 level. However, on July 25, it dropped sharply to $3,100 and stayed there for a while.
Today, August 2, ETH faced intense selling pressure, taking its price to $3,050 and breaking its $3,100 support level. ETH trades at $3,034, representing a price dip of 2.31% in 24 hours. A decrease of 6.63% has also been recorded in the past seven days.
Despite this price decline, a known analyst shared a bullish price outlook for ETH.ETH to Reach $4,000 Price Level, Says Analyst
On July 27, analyst RLinda shared insights about the ETHUSDT chart on TradingView. RLinda noted that bulls strive to keep ETH above a crucial support line.
This indicates strong buying interest at this level, which could lead to a future price increase. The Analyst mentioned that ETH’s price is experiencing a temporary dip.
According to his chart, the coin is currently testing important levels, including the 0.
