Ethereum price could be poised to correct towards $383 and here’s why

Ethereum price has risen over the past few days after bottoming out at $ 310 – $ 315 earlier last week. ETH has benefited from rallies on both traditional markets and Bitcoin, both having rallied higher since the lows they set last week. At press time, ETH is trading around $ 380, which is 20% higher than the previous low.

Ethereum price may be ready to head towards $ 383

Ethereum’s ongoing rally has not convinced all traders that the cryptocurrency is back in a bull trend.

Cryptocurrency trader and LVL founder, Nebraska Gooner, shared a chart showing that while ETH’s rally marked a strong rebound, the coin is currently in a tight state precarious technique.

The chart shows that ETH is currently grappling with two significant levels of resistance: horizontal support at $ 385 and an internal trendline that supported a price rally last week. The analyst’s indicator, Top Goon X, has also formed a low timeframe reversal signal, suggesting that a downtrend is more likely than an uptrend.

These factors working in tandem are set to bring Ethereum as low as $ 300, proposing:

“I shorted $ 383. Resistance retest. Top Goon X with an LTF trend reversal signal. Potential for a home run plays if we drop too low $ 300’s. Had to take the chance.”

While there are reasons to think Ethereum will reverse as he came up with, it’s essential to keep an eye on the old markets this week.

Alex Kruger, a macro analyst, and economist who tracks the crypto industry, recently commented that legacy markets could experience a rally this week:

“Could have an obscenely green rocket start of the week. From Wednesday on, it will be up to the Fed to let the party continue. Quite a few IPOs this week could help fire up risk appetite.”

This is very important for Bitcoin as the cryptocurrency has been tracking the stock for the past few months.

You can see the ETH price here.

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