Ethereum’s price saw a decrease of over 3% in the past week, leaving investors hopeful for a recovery. However, the bullish trend was short-lived as the coin experienced a price correction, resulting in red flags on both weekly and daily charts.
Following a brief price increase, Ethereum faced rejection from the upper limit of a bullish wedge pattern. This rejection led to a more than 3% drop in price, with the coin trading at $3,391.51 and a market capitalization exceeding $407 billion.
Despite some bearish market sentiment, certain metrics suggested a potential breakout for Ethereum. The MVRV ratio improved, indicating a bullish signal, while the NVT ratio dropped, hinting at the token being undervalued and a possible price increase.
Looking ahead, it is crucial for Ethereum to surpass the $3.5k mark to sustain a bull rally and avoid sharp liquidations that often result in price corrections. On the flip side, continued bearish dominance and increased volatility could push the price down to $3,060.
Overall, Ethereum’s current state remains uncertain, with potential for both recovery and further decline depending on market dynamics. The Benefits of Regular Exercise
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