Ethereum on Monday crashed to $1,186. 36 but the dip turned out to be temporary as it again achieved $1,260.61, up by 2.82%, later the same day.
Analysts note if the coin price could sustain above the $1,245 or $1,100 mark in the coming week, the recovery could jump higher and hit the $1,410 barrier. But will the price spiral further or maintain the current downtrend is a moot question?
The positive outlook of a rebound of ETH price is despite the huge sell-off in the crypto market. Ethereum price breaching the monthly support levels of $1,245 shows the sellers are looking to pull down the prices to lower levels.
A market booster came in the form of positive CPI and inflation data, which gave the crypto market a significant inflow on November 10. The temporary pullback went back to restore the breached support and offset the weekly bearish breakdown.
The sustained selling on the weekend pushed down the Ethereum price by 6% in the last three days. But the decreasing volume in falling prices is giving hope that bearish momentum is weak.
If the buyers could push the prices above the $1,245 mark, the bearish grip will loosen and become the base point to drive the prices to hit the $1,410 resistance. Investors can expect ETH to reverberate from $1,080 to $1,280.
