In the past few hours, Ethereum (ETH) has seen modest price movements, trading within a range between $1,600 and $1,650. The cryptocurrency faced resistance at around $1,670, with support holding near the $1,600 mark. This consolidation phase is typical when the market is waiting for a breakout, either to the upside or downside.
Traders are carefully watching the $1,670 resistance, as a break above it could signal bullish momentum, potentially driving the price towards $1,700. On the other hand, if Ethereum drops below its $1,600 support, it could trigger more selling pressure, pushing the price lower.$ETH $USDC
