According to analyst Shayan’s analysis, although Ethereum’s price has experienced a long period of sideways consolidation after falling to the key support level of $3K, the cryptocurrency still seems to be confined in the range between $3K and $3.7K, and unless it can break through in either direction, it is unlikely to see increased volatility.
A comprehensive analysis of the daily chart reveals a long period of sideways consolidation for Ethereum after it found substantial support near the $3K threshold. This area coincides with important Fibonacci Retracement levels of 0.5 ($3190) and 0.618 ($2972) as well as the key 100-day moving average of $2972. The confluence of these support levels fueled a rally in ETH price that pushed it towards the upper limit of the range at $3.7K. However, recent price action has encountered resistance near the upper limit of the range, indicating the presence of sellers at this critical point. Nonetheless, Ethereum remains in a sideways consolidation phase, with market participants anticipating a bullish recovery aimed at breaking out of this critical price range.
