ETH Price Prediction, A Prelude to Renewal or Fade
- On its one-year milestone, Ethereum's price is navigating a distinct consolidative pattern within the $1,933 to $2,141 range on the weekly timeframe.
- The current scenario indicates Ethereum's price is in a consolidation phase without a clear directional bias.
- Ethereum is presently in a holding pattern, anticipating the Unemployment Claims report and the upcoming remarks from the U.S. Federal Reserve Chair Powell scheduled for tomorrow.
ETH consolidates above $2,000 support, poised for a potential uptrend.
According to Coingabbar Technical Analysis, Ethereum's price has undergone a multi-month consolidation, forming an ascending triangle setup.
The presence of overhead supply at $2133 is aiding sellers in establishing a bearish reversal pattern known as a double top.
Over the last 20 months, ETH price has witnessed a modest recovery within a rising wedge pattern. Historically, the upper boundary of this trendline has triggered increased supply pressure, leading to significant corrections.
The current upward movement towards the upper trendline necessitates a decisive breakout to confirm a bullish trend. A successful breakout could potentially propel prices to the $3600 mark.
Failure to sustain the $2000 level may trigger panic selling, following the indications of the Double Top Pattern.
KEY LEVELS :
RESISTANCE LEVEL : $2,060-$2,100
SUPPORT LEVEL : $2,000-$1,960
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.
