Ethereum (ETH) fights to regain the positive momentum that was lost during the flash crash the previous week. The two-day rebound halted today despite a positive start on Tuesday. As of writing ethereum trades 1.85% lower at 4276 having hit earlier the daily high at $4431.
Cryptocurrencies trapped in a flash sell-off on Saturday amid worries of the new omicron variant and speculation that the Fed might raise interest rates sooner than expected after the positive macro data last week. A correction in tech stocks also affected the crypto markets.
The correction in Ethereum started on Wednesday from the top at $4774 and after two days of correction, a sharp sell-off came on Saturday. The ETH price moved from $4272 down to $3482 canceling the bullish momentum that drove the ethereum price from $2792 on September 29 to the historical highs on November 10 at $4868.
In crypto markets today, Bitcoin (BTCUSD) is trading 0.28% higher at 50695, the litecoin (LTCUSD) is 0.01% higher at 161.58, Ripple (XRPUSD) is 0.95% lower at 0.82078 while Cardano (ADAUSD) gives up 1.88% at 1.3949.
Ethereum Price Targets
Ethereum keeps the positive momentum despite the recent pullback. The next 24 hours would be crucial for the ethereum price. The two-day positive momentum might end today if the number two cryptocurrency fails at the 4400 mark. Bulls need to penetrate that level if they want to test nest the 4648 level the high from December 3. A move above $4648 would open the way for a test of the all-time highs at $4868.
On the other hand, a rejection at the 4400 mark might lead to a correction down to the strong support offered at 4000, a level that has absorbed the sellers on October 27 and 28 and also on November 18, 19, and 26. A break below that level might accelerate the selling pressure to the next target at $3880 the 100-day moving average. Further pressure might test the recent low at $3482.