- Ethereum falls to $4,100 without dampening bullish expectations.
- Retests and moon pumps are expected ahead for the price of ETH.
- Old resistance lines will act as new support lines for ETH price.
The pioneer altcoin asset, Ethereum (ETH), experienced another price dip, taking it below the $4,200 price range. In detail, Ethereum falls to $4,100 without dampening bullish expectations. Analysts expect the price of ETH to retest certain old resistances and turn them into new support levels. This move will allow every dip to fuel a new breakout, thereby finally pushing the price of ETH to the long-awaited price discovery phase.
ETH Falls to $4,1000 Without Dampening Bullish Expectations
The price of the pioneer altcoin Ethereum (ETH) went as far as $4,700 just a few days ago. A fall in BTC prices led to a fall in ETH price as well, and the crypto community watched ETH price decline from $4,300 to $4,200 to $4,100, where it is trading now. Analysts have also noticed that Bitcoin Dominance has cracked, and bearish expectations are slowly growing for ETH with a price fall of $100,000 and below for BTC in the month of September.
Analysts believe that a brutal market correction is on the horizon, and new ATH prices for all crypto assets will only arrive after the red month of September. Despite the foreboding forecast, analysts are still highly bullish on Ethereum and altcoins for the coming months ahead. With BTC Dominance on the decline , ETH and altcoins are expected to surge at an accelerated pace.
At the moment, analysts are taking a close look at where the price of ETH is sitting at the moment. In detail, the price of ETH is at the $4,100 price mark, a resistance level that faced 7 rejections before ETH finally broke past it . As we can see from the post above, this act is highlighted as a highly bullish pattern for Ethereum (ETH). The reputed analyst says that ETH will continue this pattern of a dump, a retest, and a moon pump.
To highlight, the last time ETH broke past the $4,100 resistance area, it went on to shoot to the $4,700 price region with ease. Now that it’s dumped to the $4,100 region once again, this old resistance level will now act as the new support line, allowing ETH to retest during every dip and will fuel the next breakout. The analyst says that ETH has mastered this pattern and shows no weakness. Instead, it is preparing for a bullish liftoff.
Supertrend Supports Make Great Buy Zones
Thus, the price of ETH is expected to break past the $4,800 resistance line next, which, in the future, will act as the new support line, propelling the price of ETH to new highs. As the post above highlights with its chart, the supertrend supports, especially for ETH, have made for great buy zones when it’s in a bullish uptrend. The analyst concludes that this is where the buy zones come from.
