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Ethereum Price Consolidates: Next Key Levels
Ethereum has been consolidating between $3,949 and $3,627 for days. The crypto asset's price rose over 10% after a rise a few days earlier.
When prices consolidate, they are creating momentum to breach above or below the consolidation zone. We cannot predict the price's future move.
This essay will examine the consequences of a consolidation break. ETH rose 0.66% in the previous 24 hours, trading $3,752 above the 100-day SMA.
Ethereum's 4-hour chart shows the price above the 100-day moving average, signaling a positive trend and a possible break above the consolidation zone.
The MACD indicator shows that while MACD histograms are heading below the MACD zero line, their color is getting dim, indicating weakness.
The MACD line and signal line are both advancing toward the zero line, but as long as they are above it, a reverser is conceivable.
This MACD pattern suggests Ethereum is still bullish and may break above the consolidation zone.
Finally, using the Relative Strength Index (RSI) to assess the 4-hour price action, the RSI line is trying to rise after failing to pass below the 50 lines, indicating that the price is still positive.
Possible Results If Either Way Breaks Out
Finally, if ETH breaks out above the consolidation zone, it may rise above $4,094 barrier. If the price breaks this resistance level, it might set a new year-high.
Ethereum may climb toward $3,263 if it breaks below the consolidation zone. A breach below this level might send prices down into $2,864.04 support.
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