In the past four hours, Ethereum (ETH) has traded within a tight range between $1,600 and $1,650, showcasing a period of consolidation. The cryptocurrency faced resistance around $1,670, while maintaining strong support near the $1,600 mark. This range-bound movement suggests that traders are waiting for a breakout, either towards $1,700 if bullish momentum continues or potentially lower if selling pressure increases.
Market sentiment surrounding Ethereum remains cautiously optimistic, with traders eyeing a potential surge if ETH manages to break above its immediate resistance. However, any drop below $1,600 could introduce further downside risk. The ongoing developments in decentralized finance (DeFi) and Ethereumâs shift to proof-of-stake are contributing to its long-term outlook, even as short-term volatility persists.$ETH $BNB
