The Ethereum currency entered a price correction yesterday after once reacting to the $ 4800 range. Some savers made a profit, re-buying at lower prices, and so it happened.
The price moved up again before reaching the important support of $ 4,600 to test the resistance of the previous ceiling. But as the uptrend line was broken, and the MACD indicator showed a corrective momentum, buyers failed to return to resistance again, and a twin-ceiling pattern was formed.
Thus, the price of Ethereum fell to the previous swing range. But given that the $ 4,600 support is at the bottom of the Ethereum Ascending Channel, and that support is generally very valid, we expect Ethereum to continue to move upward and reach the $ 5,000 target range. Of course, this situation will happen if bitcoin starts to suffer in the current range, and does not experience further decline.
The price moved up again before reaching the important support of $ 4,600 to test the resistance of the previous ceiling. But as the uptrend line was broken, and the MACD indicator showed a corrective momentum, buyers failed to return to resistance again, and a twin-ceiling pattern was formed.
Thus, the price of Ethereum fell to the previous swing range. But given that the $ 4,600 support is at the bottom of the Ethereum Ascending Channel, and that support is generally very valid, we expect Ethereum to continue to move upward and reach the $ 5,000 target range. Of course, this situation will happen if bitcoin starts to suffer in the current range, and does not experience further decline.