The leading altcoin and second-largest cryptocurrency by market cap had faced a strong pull of 11% priced at $3030 in the past week. It’s just not Ethereum or Bitcoin, the whole crypto market was trading to and fro creating a sense of fear among investors and traders.
Meanwhile, now Ethereum has risen above the $3,050 mark trading above the $3,100 level. At the time of writing the altcoin is trading at $3,118 up by 2.10% over the past 24hrs. Traders are now eagerly waiting for the currency to rise above the $3,200 level to confirm the bull market.
Ethereum Price To Rebound Strongly
According to Santiment, an on-chain data analytics firm, Ethereum price has now recovered strongly after declining to $2,960. Even the Ethereum on-chain transaction volume that points out profit/loss data is currently in the bullish zone after three days of bearish pull.
However, the bullish news is that the price is signaling a strong surge in the coming days as the price tries to stabilize above the $3,100 level. Thus suggesting a strong bullish trend above the $3,100 level.
Interestingly, also the Ethereum price action depicts a rebound from the $2950 level. The immediate resistance barrier for the ETH price lies at $3,188 and if the bulls manage to surpass $3,200, then the altcoin will be set to witness a strong bull rally in the coming days.
Additionally, even the retesting of the ascending triangle pattern validates that a bullish recovery is set to happen with Ethereum forming a new support level at $3030. Therefore, unless and until the altcoin doesn’t fall below the newly formed support level of $3030, a strong upward trend can be expected in the coming days.
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