Will Ethereum Price Drop Below $4k Before Massive Bull Run

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Over the weekend, bitcoin appeared to be on the verge of returning above $60,000, but it has since retreated, dipping below $58,000 on Monday morning. The whole crypto market fell by more than 2% overnight, yet it is still worth more than $2.5 trillion.

Solana has risen about 3% in the last day, while XRP and Polkadot have both lost nearly 4%. Dogecoin has also lost nearly 5% of its value.In the previous 24 hours, Cardano has lost over 2.28% of its value.

Ethereum, like bitcoin, tried a recovery wave over the $4,350 barrier zone. The price of ETH even rose above $4,400, but it was unable to maintain its gains. It also fell below the $4,250 support barrier, testing $4,120. It is currently consolidating losses, with an initial support level near $4,209.

Source: Tradingview

More losses incoming for ETH?

A choppy start to the day saw Ethereum rise to an early morning high of $4,270.34 before hitting reverse.

Falling short of the first major resistance level at $4,380, Ethereum slid to a mid-morning low $4,128.04.Ethereum fell through the first major support level at $4,194. Finding support at the second major support level at $4,125, however, Ethereum broke back through the first major support level to return to $4,200 levels.

The next significant support is near $4,120, and a break of that level might lead to a test of $4,050.On the upside, the price is coming up against resistance near $4,250. Near $4,350, the next big obstacle, above which the price may begin to rise steadily.

Ether is at Relative Strength Index level 46. As selling pressure eases, the second largest altcoin is sliding towards the decline zone.