Ethereum (ETH) price shows signs of exhaustion on the four-hour chart as it retests the daily imbalance. Investors can expect ETH to trigger a short-term correction before the uptrend could resume. This pullback could be a much-needed opportunity for sidelined buyers.
Ethereum Price Eyes Correction
Ethereum price has shot up 30% from Monday’s low of $2,086 and could have set up a local top at $2,724. Interestingly, the swing high created on Thursday’s trading session was inside the $2,695 to $2,855 imbalance on the daily time frame. Usually, imbalances like these often lead to reversals, albeit short-term.
Therefore, ETH investors can expect a minor pullback into the daily order block at $2,459 or roughly $2,400. A stabilization here could lead to an accumulation from sidelined buyers who missed the initial recovery rally.
The aforementioned correction would allow the four-hour Relative Strength Index (RSI) to reset around the 50 mean level, suggesting that the bull trend is st
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