Ethereum's price has entered a consolidation phase above the $3,650 support level.
On May 20, ETH broke above the resistance line of a descending channel pattern, indicating a potential trend reversal.
ETH has demonstrated stronger performance compared to Bitcoin, surpassing the $3,800 level and establishing a new weekly high at $3,836 before consolidating gains.
Analysis of the 4-hour chart reveals Ethereum is currently trading within a Bullish Pennant Pattern.
According to Coingabbar Prediction, If ETH breaches the upper side of the pattern, continuation of the bullish trend could be anticipated, particularly if buyers surpass the $4,000 resistance.
Conversely, if ETH encounters resistance at the $4,000 level and falls below $3,500, short-term profit-taking may occur.
KEY LEVELS :
RESISTANCE LEVEL : $3,850-$3,940
SUPPORT LEVEL : $3,700-$3,620
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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