Ethereum (ETH) price is indicating a sharp decline at the time of writing, but it is actually validating an uptrend. Supported by market conditions, the second largest cryptocurrency on the planet has a chance of reaching $4,000.
Ethereum Investors Remain Optimistic
Ethereum price fell to $3,000 in the last 24 hours, but this validated a major test of the descending wedge's upper trendline. The altcoin's upside potential is supported by the fact that optimism among ETH holders is still alive.
As the Net Unrealized Profit/Loss (NUPL) indicator shows, ETH holders still hold significant gains. This fuels their optimism because they are in the same emotional zone.
Historically, it has increased ETH Price More than often when in this area. The same is expected this time too.
On the other hand, Ethereum whales have slowed down the movement of their assets. Overall, single-day trading totals ranged between $11.05 billion and $5.09 billion on Tuesday.
In general, the whale movement is bearish because there are likely to be corrections. However, given the decline in ETH price, the activity indicates optimism.
ETH Price Prediction: Reversal Possible
Ethereum Price At $3,000, it holds the $2,991 price as a support floor moving inside the descending wedge. This bullish chart pattern is characterized by the convergence of trendlines with lower highs and lower lows. This indicates a potential trend reversal as price breaks through the upward wedge formation.
According to the model, the target for ETH is $4,000, which represents a 27% price increase. Concretely, it is unlikely that Ethereum will reach $4,000 next month. On the other hand, breaking out of this trend would see the price rise to $3,582.
This would represent a 13.6% upside for ETH, encouraging greater investor participation.
Read more: Latest Ethereum (ETH) price analysis from BeInCrypto
On the other hand, if Ethereum price breaks the $2,991 support floor, it could experience a pullback towards the lower trendline at $2,894. Losing this support floor could invalidate the bullish thesis, pushing ETH below $2,800.
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