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Ethereum risks drop below $3.2K as ETH price faces heavy resistance

Published 10/08/2021, 01:05 PM
Updated 10/10/2021, 06:00 PM

Ethereum's native token Ether (ETH) is at risk of falling below $3,200 in the coming sessions as its rally comes face-to-face with a strong resistance zone.

In detail, the price of Ether swelled by almost 22% on a month-to-date timeframe in the wake of a market-wide price rally. That pushed the second-largest cryptocurrency by market capitalization from under $3,000 to above $3,650 in the first eight days of October, triggering more bullish forecasts.

ETH/USD 4H price chart featuring bearish confluence. Source: TradingView.com
ETH/USD daily price chart showing the descending trendline resistance. Source: TradingView.com
ETH/USD 4H price chart featuring a potential inverse head and shoulders pattern. Source: TradingView.com

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