Ethereum Price Could Crash Below $3,400 After Rejection From 0.618 Fibonacci Level

The recent Ethereum price rejection that pushed it back below the $4,000 level has created a concerning trend that could send the price ￰0￱ major point of interest lies at the 0.618 Fibonacci retracement level, where the last rejection ￰1￱ this, it is likely that the Ethereum price could see more declines in the coming days, although there is still the possibility of the bulls taking over and invalidating the entire bearish ￰2￱ Price Is Showing A Lot Of Weakness The rejection from the 0.618 Fibonacci retracement level marked the start of the decline from the $4,200 level during the last ￰3￱ rejection resulted in the formation of a lower high on the 4-hour timeframe, and historically, such lower high formations mean that there is more selling pressure piling up for the digital ￰4￱ Reading: Dogecoin Price Breakdown Is Nothing To Worry About?

This Long Term Structure Points Above $1 As the bullish momentum looks to be fading, it puts the Ethereum price in a precarious ￰5￱ analyst The Alchemist Trader explains that the rejection had come with increased bearish volume as investors offloaded their holdings on the market, putting bears in charge once ￰6￱ this development, the Ethereum price has continued to struggle around $3,900, where the next local support ￰7￱ cryptocurrency has maintained a tentative hold at best on this local support, suggesting that the bulls could indeed be losing ground at this ￰8￱ this corrective phase continues, then the Ethereum price decline is far from ￰9￱ current local weakness has put a strain on the support, and if $3,900 fails completely, the next major support lies below $3,400, more specifically at $3,385.

This will serve as the next stronghold for the bulls to make their move. “From a structural perspective, Ethereum’s inability to sustain momentum signals growing bearish pressure across lower timeframes,” the crypto analyst ￰10￱ Case For ETH Bulls Despite the mounting bearish pressure, there is still the possibility that the Ethereum price could break out of this ￰11￱ like with the bearish case, the key lies at the $3,900 support and how well it ￰12￱ Reading: Wave 3 Target Suggests That The XRP Price Is Headed For $10 In the case that bulls are able to reclaim and hold this support with momentum, then it could invalidate the bearish setup that has ￰13￱ this case, the crypto analyst believes that the Ethereum price could resume its uptrend above the 0.618 Fibonacci retracement ￰14￱ image from Dall.

E, chart from ￰15￱