• Ethereum’s price has been consolidating over the past week, struggling to break above a key resistance area.
• Technical analysis shows that ETH is trading inside a very tight range above the broken triangle and has yet to break with confidence above the $1800 level.
• On-Chain Analysis indicates that there could be a pullback in the coming days.
Ethereum’s Price Consolidating
Ethereum’s price has been consolidating over the past week as the price is struggling to break above a key resistance area. Did ETH mark a local top?
On the daily time frame, ETH’s price has broken above the symmetrical triangle pattern lately and above the 50-day moving average line (around the $1600 mark). However, ETH is trading inside a very tight range above the broken triangle and has yet to break with confidence above the $1800 level. If the market fails, a pullback toward the 50-day and even 200-day moving average located around $1600 and $1400 levels respectively could be expected. On other hand, valid break above $1800 level can lead to another short term rally towards targeting $2000 for first time in 2023 and then further target around $2300 area.
The 4-Hour Chart also shows consolidation evident as price bounces around $1800 resistance level while RSI indicator signals bearish divergence which could point towards pullback in coming days with support at $1650 followed by $1500. The market will have to decide its direction amid this resistance level.
On-Chain analysis indicates that there might be pullback in near future with support at mentioned levels but it’s too soon to predict whether bullish trend will continue or reverse as decision is yet to be made amid this resistance level of$1800 .
Overall Ethereum’s price is consolidating as it struggles to climb past key resistance area at this moment but technical analysis suggests that if successful it can reach upto$2000 soon followed by further rally of upto$2300 later on if momentum sustains while on chain analysis points towards possible pull back which may take it back down again near previous support levels of 1600 & 1400 respectively before taking any upward trajectory again .
• Ethereum’s price has been consolidating over past week trying to breach key Resistance Area • Technical Analysis suggests possible Rally toward 2000 if momentum sustains • On Chain Analysis points towards possible Pull Back if Market Fails