Ethereum, the second-biggest crypto, is at a crossroads. Its price has been stuck in a narrow range lately, leaving traders guessing what’s next.
Current Situation
Ethereum’s price is currently hovering around $3,600. It’s been bouncing between a support level of $2,865 and a resistance level of $4,099.
Technical Analysis
- 4-Hour Chart: Ethereum’s price is moving towards the upper end of its consolidation zone, but it’s still below its 100-day average. This suggests that it might test the upper limit before falling again.
- 1-Day Chart: Ethereum is moving bullishly towards the upper end of its consolidation zone, but it’s still above its 100-day average. However, the Composite Trend Oscillator indicator suggests that it might turn bearish in the long run.
Potential Scenarios
- Breakout:
If Ethereum breaks above $4,099, it could rise to its all-time high of $4,863. - Breakdown: If Ethereum breaks below $2,865, it could fall to $2,147 or even lower.
Conclusion
Ethereum’s next move is uncertain. It could break out and continue its upward trend, or it could break down and fall further. Traders should monitor technical indicators and market signals closely to anticipate the breakout direction.
