Ethereum price flirts with $3,400 amid a potential bearish flip

ETH/USD looks primed for caller gains aft rebounding supra a cardinal enactment zone, though caller losses loom if a bearish method indicator confirms successful the coming days

Ethereum price is hovering conscionable beneath $3,400 astatine clip of writing, with the cryptocurrency 2.9% successful the greenish according to information from CoinGecko. 

The contiguous outlook for the coin suggests bulls could spot much gains abbreviated term, with the upbeat presumption apt aft the Ethereum web avoided a malicious onslaught connected Tuesday. Although it failed, the onslaught appears to person jolted immoderate traders into selling, the effect of which was seen successful Ether’s terms question connected Wednesday morning.

The aforesaid outlook gripped Solana (SOL) aft the web suffered an extended downtime amid transaction congestion. The incidental mostly contributed to a downturn successful prices arsenic SOL dipped to lows of $145 earlier rebounding supra $160.

Ethereum terms outlook

Ethereum’s terms concisely broke $3,400, with bulls looking beardown arsenic they targeted different limb up with an intraday precocious of $3,450. While the upside presumption remains, the recoil to lows of $3,360 appears to person encouraged sellers.

As seen connected the 4-hour chart, bulls person managed to retrieve supra the 200 SMA ($3,371) and the downtrend line. However, the main situation is consolidating gains supra the contiguous enactment astir the 50 SMA ($3,384).

If ETH/USD extends gains supra $3,400 again, the adjacent people volition beryllium the 50% Fib level of the downswing from $3,974 to $3,015 presently located astatine $3,494. Other upside objectives successful the abbreviated word stay astatine the 61.8% Fib level ($3,607) and the 76.8% Fib level ($3,768).

ETH/USD 4-hour chart. Source: TradingView

On the contrary, the method outlook of the 50 and 200 moving averages suggests Ethereum bulls mightiness look caller downside unit implicit the coming days. This is owed to the imaginable for a decease transverse formation, with a reversal successful the offing if the terms flips beneath the 200 SMA.

In this scenario, ETH/USD could beryllium looking astatine a retest of the horizontal enactment enactment adjacent $3,350. Other bearish targets successful the adjacent word are astatine the 23.6% Fib level ($3,241) and different horizontal enactment adjacent $3,200.

Check retired our however to bargain Ethereum leafage here