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If Ethereum does not conclude the week above $3,300, it will resume selling
The price of Ethereum has continued to rise sharply from its previous lows.
Despite a strong recovery from crucial support structure, price action might develop into a vicious bull trap.
Bulls must hold on to recent gains or face additional selling pressure.
This week’s price of Ethereum has surely seen some crazy fluctuations.
Dropping below the $3,000 level prompted some trepidation among market players, but purchasers have been quite supportive and responsive thus far — but that conviction will need to be maintained.
If bulls fail to hold above crucial support, the Ethereum price may retest $2,500
Ethereum’s price is once again approaching a tipping point. The $3,300 pricing level is the single most important price level to keep an eye on. The $3,300 value region is shared by the Volume Point of Control, the 38.2 percent Fibonacci retracement, and the weekly Kijun-Sen. A closing over $3,300 indicates a bullish trend, while a close below indicates a bearish trend.
If bears can close the weekly chart below $3,300, an infusion of fresh short-sellers and weak-handed buys turned sells will likely arrive and push…
