Ethereum price seems to be dropping the exit volume and consolidating. But ongoing El Salvador news could herald a recovery in ETH price.
Ethereum price loses volatility
Etheruem price movements follow Bitcoin closely but show less volatility in rallies. BTC price rose 24%, while ETH rose 13%, indicating a waning interest in the prospects of the smart contract token.
No matter how much the market changes, Ethereum price is comfortably holding above the $2,319 level and the 50% Fibonacci retracement level. Investors can wait for a bounce off this hurdle to restart the uptrend, but it should be noted that Ethereum price could drop to $2,271 in case of negative news that could create potential selling pressure.
Even if ETH enters the 62% Fibonacci retracement level at $2,177 or the next support at $2,077, the uptrend is likely to continue intact.
An uptrend emerging from any of the support hurdles mentioned above is likely to target a price spike of $2,852, $2,847. In bullish conditions, the impulse wave could go as high as $2,909.
ETH/USDT 4-hour chart
On the other hand, if the bearish scenario turns out to be true, a drop to $1,976 could invalidate the uptrend and drop back to $1,728 with a 12% sell-off.