Ethereum's price remains above $1,800 against the US Dollar, with the potential for bullish momentum if it surpasses the $1,900 resistance. Over the past eight days, ETH has traded within a consolidation zone, and a breakout in either direction will determine the new trend.
Ethereum is currently in a consolidation phase against USDT, trading within the range of $1,840 to $1,940 according to technical analysis.
On the daily timeframe, Ethereum encounters substantial resistance at the $1,940 level, further intensified by the presence of a triple-top pattern, indicating a strong barrier for price advancement. Conversely, on the downside, the $1,840 level acts as a support for Ethereum's price.
During the past eight days, ETH has exhibited a confined trading range. The forthcoming breakout in either direction will dictate the new trend for Ethereum.
On the 4-hour chart, ETH is establishing a pattern of lower highs and lower lows. Notably, the price is currently trading above the support line of a descending channel.
Based on price analysis, the market capitalization of ETH is approx at $226,576,613,607. The 24-hour trading volume is expected to be $9,330,995,870.
KEY LEVELS :
RESISTANCE LEVEL : $1,910-$1,950
SUPPORT LEVEL : $1,840-$1,800
As we approach the end of the month, there is uncertainty surrounding Ethereum's next price target, with possibilities of either reaching $2,000 or retracting to $1,800. The final outcome remains unclear, creating a situation where Ethereum could end the month either positively or negatively. Feel free to share your thoughts and opinions in the comments section below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
