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<p>The post <a href="https://coinpedia.org/price-analysis/will-ethereum-eth-price-drop-below-3k-this-week/" rel="noopener noreferrer nofollow">Will Ethereum (ETH) Price Drop Below $3K This Week?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The cryptocurrency market has displayed a negative price action for 3 out of 4 trading days this month, indicating a strong bearish reversal in the crypto space. Moreover, the top tokens have failed to hold their values above their important support levels, indicating a negative outlook this week.</p>
<p>Further, the Ethereum token, the second largest cryptocurrency by market cap, has recorded a similar trend by breaking down its important support level. With the ongoing market turmoil, is the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> on the path of retesting its crucial support level of $3,000 this July?</p>
<h2 class="wp-block-heading" id="h-eth-price-fails-to-retest-its-important-resistance-trendline">ETH Price Fails To Retest Its Important Resistance Trendline:</h2>
<p>The altcoin leader, <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Price</a>, has displayed a bearish price action for the third consecutive day. This has resulted in its price plunging below its important level of $3,200 during the early Asian trading hours today. Further, the Ethereum price has lost 5.123% in valuation within the past 24 hours.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfCRqV-k-_zkEeWTS1cazzXpKA_jTgKwT-tdy7p_1QwCbxnfgjz6sEzyeiwTtuocJ8yU4-idFb2ZntOmVJkHkDLDqalorCZNiyE5WjXZ7RL1EXKv5WR23WB3Ky3Knyn8nR9zZVf5yCLRcio2LVuYU08BE57?key=KOKd9CnMtyI5Ra4ocgBc3w" alt="Ethereum Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: ETH/USDT
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</figure>
<p>Moreover, with a drop of approximately 9% this week, the ETH crypto price continues to record increased bearish price action. Moreover, the altcoin has continued trading within the descending channel pattern since mid-May, highlighting uncertainty in future price sentiment.</p>
<p>At the time of writing, the price of the Ethereum token was $3,187.59 and with a drop of 16.29% within the past 30 days, it displays a high possibility of testing its crucial support level of $3,000 this month.</p>
<h2 class="wp-block-heading" id="h-ethereum-market-sentiments">Ethereum Market Sentiments:</h2>
<p>The Relative Strength Index (RSI) has failed to retest its mid-point in the 1D time frame. This has resulted in the indicator recording a sharp drop toward the oversold range.</p>
<p>On the other hand, the MACD has recorded a rising red histogram, highlighting an increase in the selling-over-buying pressure in the crypto space. Further, the averages show a bearish trend, suggesting the ETH price will continue losing value this week.</p>
<h2 class="wp-block-heading" id="h-will-the-eth-coin-price-drop-to-3k-this-week">Will The ETH Coin Price Drop To 3K This Week?</h2>
<p>If the market regains momentum, the Ethereum token will prepare to test its resistance level of $3,400. Furthermore, if the bulls hold the price at that level, it will set the stage for the ETH token to attempt to test its upper resistance level of $3,730 during the upcoming weeks.</p>
<p>Conversely, if the bears continue to dominate the crypto market, the Ethereum (ETH) price will plunge toward its crucial support level of $3,000 this month.</p>

Will Ethereum (ETH) Price Drop Below $3K This Week?

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