Since a local top was hit on Tuesday the $ETH price has fallen nearly 13%. The major support at $4,000 has been pierced through again, but has $ETH now found its swing low at the concurrence of the $3,700 horizontal support and the ascending trendline?
Has $ETH found a bottom for now?
Source: TradingView
The daily time frame shows the $ETH price to be at a very critical juncture. Following Bitcoin’s lead, $ETH has fallen steadily since making a lower high early this week. Having fallen around 13%, to just kiss the ascending trendline and having come up against strong horizontal support at $3,700, could this be a good time for a bounce?
Caution should be exercised, even if this does look like a likely area for a bounce. Bitcoin is still coming down, and a sudden plunge from the crypto leader could cause chaos among the altcoins.
Could this $ETH reversal eventually total 43%?
Source: TradingView
A bird’s eye view of the $ETH price can be seen in the weekly time frame. It
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