Ethereum price is trading within a deep bearish trend after facing price rejection above $4000, recording daily, weekly, and even monthly losses. As prices plummeted, the daily RSI also fell, and has remained below average ever since. This indicated that the bulls and bears would not be able to leverage their power and the consolidation phase would be prolonged. With the trend mostly stagnant, a prolonged consolidation appears to be pushing ETH price closer to a breakout.
As mentioned above, the price continues to trade range-bound after experiencing a shot-time rise to resistance, further aligning with the resistance area. Furthermore, the price corrected slightly and quickly returned to the resistance area, but then fell to the bottom of the rally. However, this decline appears to be a bearish trap as the trend could reverse in the short term and cause a significant price increase, possibly above $3300.
As you can see, the price continues to trade within a descending triangle, but the recent rise within a narrow range suggests that a diversified trend may be brewing. Therefore, it has become very important for the token to break the consolidation as the bulls still lack the strength to push the level above the resistance. However, the recent pullback near the resistance level has raised expectations for a breakout within the next few days.
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It is clear that since volumes have dropped significantly, prices could surge past resistance. Therefore, after a long period of compression, prices are expected to cause a rebound. Further, following this pattern, the price should cause a pullback below the support, but the accumulation along the resistance will flash a bullish signal for the cryptocurrency. Therefore, it is believed that Ethereum (ETH) price will continue to trend sideways for some time, resulting in a bearish rebound, followed by a bullish rebound initially above $3300, followed by a possible rebound at $3500. there is.
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