Is Ethereum price in danger of crashing at $ 4,000, is it still possible?

In the midst of the back and forth that rocked the cryptography market, the Ethereum price has now been between a rock and a hard place. Currently, bulls and bears are always locked in an showdown in a quest to take control of the digital assets. Here, there are now several levels to monitor which could determine the next steps in the Ethereum price.

After falling below $ 4,300 over the weekend, the Ethereum price is now negotiated very close to a critical application area. The Crypto ProfitMagnet analyst underlines this in a tradingView analysis, showing the possibilities of the Ethereum price as it seeks to test this area.

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So far, the Ethereum price has consolidated between $ 4,200 and $ 4,300 after being resistance from $ 4,600 to $ 4,800 last month. This has now led to what is the determining factor for the next phase of the decision, and if a upward trend or a decreased trend will dominate.

Evaluating the current dynamics, the Crypto analyst notes that the recent upward trend was supported by the upward trend line from August. However, there is always the question of the downward trend line which continues to limit the ascending momentum, thus putting a shock absorber on the rally.

At this point, it is now simply the level that the Ethereum price retains and what it successfully pores. From there, holding the demand for more than $ 4,300 is important if the Bulls want to continue the rally. If they succeed, the analyst sees the Ethereum price bring to $ 4,600 to $ 4,800.

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However, when rejected, the bears take over and force a retaining of the level of demand. This would happen if the bulls were unable to maintain the current demand, leading to a price break. From there, the next major level would be supporting $ 4,000, pushing the Ethereum price to the next major psychological level.

What this trend shows is that if the market is optimistic, the Bulls always have a relatively low socket, which means that it could go laterally at any time. “The structure suggests a potential optimistic reversal, but confirmation is necessary with a break in the downward trend line and the reaction of demand,” said crypto analyst.

Dall.e star image, tradingView.com graphic