Ethereum price is seen struggling with its price for a pretty long time. As it closely followed the Bitcoin price trend, a stagnant trend with the BTC price has impacted the ETH price rally largely. While the second-largest crypto is managing to sustain the uptrend with ease by ranging slowly but steadily, still the trend indicates a huge slash in fast approaching that could drag the price back to the $3000 range.
As seen in the 4-hr chart, the ETH price is surging high within a notable rising wedge where-in a huge drop is haunting the rally after a last jump towards the resistance. Here the bulls are expected to be trapped for a while as the prices are expected to fall heavily towards the lower support around $3000. No doubt the trap would be a short-lived one as the price is already pre-programmed for a flip that may reinstall bullish momentum to surge back above $3400.
Despite the bearish trend ahead, the price is still expected to range high to test the current milestone at $4000. Ethereum is gaining notable attention due to the much-awaited PoW and PoS merger. And on the other hand, the ETH 2.0 staking continues to form new records every new day.
Regardless of the price trend, the ETH 2.0 staking kept surging high and is an inch close to hitting the milestone of 10 million ETH. On the other hand, as per the data on Glassnode, the ETH reserves on the exchanges have been visiting lower levels constantly. The reserves have bottomed hard gaining the levels of August 2018 hinting a notable uptrend may be incoming probably before the current monthly close.
However, in the daily chart, the Ethereum price is undergoing a retest towards the lower support after a steep jump. And hence a huge rebound appears to be preprogrammed as the restest is usually a short-lived one. With a strong flip, the next target is seen at around $4000 levels but reaching out to the ATH maybe still a tedious job.