Ethereum price fails to regain $4,000, but rebound is still possible

As reported by CryptoPotato, Ethereum price failed to climb back up to $4,000 and is currently falling. Although the market is currently correcting, a bullish rally is still possible in the near term. Technical analysis from TradingRage shows that looking at the daily chart, the price was rejected by the $4,000 level in March and has yet to recover. The market also failed to regain the $3,500 level and declined from this area. Currently, the $3,000 support level appears to be a possible target as the Relative Strength Index (RSI) has also fallen below 50%. However, the bullish trend may not be over yet as the price is still trading above the 200-day moving average. Looking at the 4-hour chart, the recent market consolidation appears to be more pronounced. The price formed a rising wedge and broke out to the downside, a classic bearish continuation pattern. Although Ethereum is approaching the $3,000 support level, the RSI has fallen below the 30% mark, indicating that Ethereum is oversold during this time frame. Therefore, it might be just a matter of time before the price rebounds higher from the $3,000 support zone.