Opinion: Ethereum price drops but still has underlying support, could rebound to $3600

According to CryptoPotato, the price of Ethereum fell sharply over the weekend due to rising tensions in the Middle East. However, there are still potential support levels that could sustain the price. Ethereum price technical analysis by TradingRage shows that Ethereum price has formed a large bullish flag pattern on the daily chart. The recent decline briefly pushed the price below the $3,000 support level, but the market has rebounded from the channel’s lower border. Judging from the rapid recovery, the drop below $3,000 can be considered a fake bearish breakout. Therefore, it is expected that Ethereum price may rebound towards the $3,600 resistance level and the upper boundary of the flag pattern in the coming days. The reaction of these levels can be crucial as it may determine long-term market trends. On the 4-hour chart, the price is approaching the short-term resistance level at $3,300. If the market manages to break above this level, it could rebound towards the $3,600 resistance level and test it again. The Relative Strength Index is also rising above the 50% threshold, indicating that momentum is shifting to the buyers and the market may soon return to the high areas of the major channel. Therefore, investors can expect that the long-term bull market is far from over.