Ethereum’s price has been stuck in a range between $3,949 and $3,627 for the past few days. This is after a recent rally that saw the cryptocurrency rise over 10%.
When prices consolidate like this, it means they’re building momentum to either break above or below the range. It’s hard to predict which way it will go.
4-Hour Chart Analysis
On the 4-hour chart, Ethereum’s price is above its 100-day moving average, suggesting a bullish trend. The MACD indicator also shows signs of weakness, but it’s still above the zero line, indicating potential for a reversal.
The Relative Strength Index (RSI) is trying to recover after failing to cross below the 50 line, which also suggests bullishness.
Possible Outcomes
If Ethereum breaks above the consolidation zone, it could rise to $4,094. If it breaks below, it could fall to $3,263 or even $2,864.04.
