Ethereum quickly regains $3000, but is the short-term bullish trend maintaining?

Post-Ethereum quickly recovered to $3000, but is the short-term bullish trend maintaining? First appeared on Coinpedia Fintech News

Ethereum, the second-largest token, is closely following the largest cryptocurrency as the BTC price recovery resumes and the ETH rally begins. The token hit lows around $2800 before regaining important support around $3100. While market participants remain bullish on the cryptocurrency, ETH price appears poised to push its bulls to higher levels.

ETH price is known for slow but steady trading without experiencing huge price fluctuations. Therefore, traders are very optimistic about the token as it is more likely to hit new highs in the short term. Now, ETH price is trading in a bearish trend in the short-term, so it may turn bullish to secure a higher target to lock in the bulls.

Ethereum price is trading within a downward parallel channel soon after rejecting a yearly high. This created a huge downside opportunity as sales built up significantly. However, with the formation of an inverted hammer formation, there remains some potential for bullish continuation. Inverted Hammer A red hammer is generally considered a bullish indicator because buyers are trying to put more pressure on the market.

On the other hand, the next action for ETH price remains indecisive as the DMI is unclear. All levels have plummeted, including +Di and -Di about to undergo a bearish crossover and ADX heading towards lower support. Volumes are also trending bearish, indicating more losses could occur before a major rebound occurs.

However, from a bigger perspective, Ethereum price could maintain its upward trend reaching upper resistance above $3500. This is where the bulls can break down, reinforcing the actions of the bears. This could push ETH price back towards higher resistance levels, and if the bulls remain strong, a breakout could be imminent.