- ETH endures bearish pressure as ETH bulls safeguarded $3,900.
- Ethereum price has bulls contemplating a 15% recovery before the end of the week.
- Expect the alt to squeeze out bears and ETH to eye new ATHs before Christmas.
Ethereum price saw a bearish move after breaking out of a pennant formation last week. Crypto bulls collected ETH tokens beneath $3,900, and the European equities hovering in the green today morning expect positive sentiment to pour into the crypto space in the upcoming days. That ways, bulls target to control the trend and push the leading altcoin high to $4,646 from $4,000 in a few days.
ETH Bulls Contemplate a Higher Move towards $4,646
Ethereum price witnesses bear attempting their final trial to push the altcoin downward but seem to fail with headwinds from the European equities climbing higher today morning. That is a tailwind element that might see Ethereum bulls reclaiming levels above the long-term support of $4,000. Meanwhile, a daily close beyond $4,060 would attract increased buying volume from investors. If Ethereum maintains the current tailwind, bulls will overpower bears while continuing the price recovery.
Ethereum price will encounter some nervousness near the $4,465 mark. Meanwhile, Bulls might see challenges in this area as it is a historical zone. It comprises a monthly pivot and a triple top since December started. If the tailwinds persist, expect ETH bulls to gain enough momentum to push the alt high, eying $4,646.
With multiple meetings by central banks this week, for instance, the European Central Bank and US Federal Reserve, the market may remain susceptible to any warmongering tones or financial policy tightening in 2022. That might trigger fear in the capital markets and witness riskier assets such as crypto and equities selling off. That can translate to a steep retracement in ETH price, breaking under $3,900 before continuing to $3,687, then $3,391.
This week remains vital for the crypto space as market participants wait for sentiments from the central banks’ meetings. Correct catalysts will support ETH’s upward move, triggering recoveries and possible new ATHs. Meanwhile, Ethereum bulls contemplate a recovery amid improved mood in the financial industry.