Ethereum: Is the Consolidation Setting the Stage for Upswing

Ethereum tops at 65 days, surpassing BTC with ETF hope

• Ethereum's price has entered a consolidation phase above the $3,650 support level.

• On May 20, ETH broke above the resistance line of a descending channel pattern, indicating a potential trend reversal.

• ETH has demonstrated stronger performance compared to Bitcoin, surpassing the $3,800 level and establishing a new weekly high at $3,836 before consolidating gains.

• Analysis of the 4-hour chart reveals Ethereum is currently trading within a Bullish Pennant Pattern.

• According to Coingabbar Prediction, If ETH breaches the upper side of the pattern, continuation of the bullish trend could be anticipated, particularly if buyers surpass the $4,000 resistance.

• Conversely, if ETH encounters resistance at the $4,000 level and falls below $3,500, short-term profit-taking may occur.

KEY LEVELS :

RESISTANCE LEVEL : $3,850-$3,940

SUPPORT LEVEL : $3,700-$3,620

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