ETH Price Prediction, A Prelude to Renewal or Fade

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.