While the Ethereum price successfully retests its important resistance level of $2,100, marketers remain highly skeptical about this altcoin breaking out of its $2,200 barrier anytime soon.
Reportedly, the Ether ETFs are constantly bleeding with an outflow streak of 13 days. During this period, the Ethereum ETF has lost over $403.64 million, highlighting a strong selling-over-buying pressure for the altcoin in the cryptocurrency market.
Despite a bullish trend pattern for the ETH price, the technical sentiments remain highly volatile and indicate a potential pullback shortly. Let us understand the possible short-term Ethereum price prediction to uncover the potential mysteries!
After successfully retesting its low of $1,930, the Ethereum price today has successfully retested its $2100 for the first time in 14 days. However, the largest altcoin has now formed a flag pattern in the hourly time frame, suggesting an increase in the bullish influence in the crypto space.
Ethereum-Tetherus Price Chart
Source: TradingView
The Relative Strength Index (RSI) is extremely bullish in the 1H time frame. However, the 14-day EMA has experienced a bearish convergence around the overbought range. This suggests a significant rise in the volatility of the Ethereum price in the shorter time frame.
Suppose, the market favors the bulls, in that case, the price of ETH could retest the $2,100 mark, its immediate resistance trendline. Maintaining the price above that level could set the stage for this altcoin to head toward its upper price target of $2,155 shortly.
However, a strong rejection around its resistance to flag pattern could result in it retesting its support of $2,065. Furthermore, if the bearish sentiment sustains, the Ethereum price could bleed and potentially retest its low of $2,000 this week.