In times when the Bitcoin price experiences enormous volatility, Ethereum has chosen to maintain a steady and quiet price promotion. After rising above $ 2000, the second largest token did not rise above a certain range. The token consolidates around $ 2500 and has been staying in an accumulation zone for the past 3 weeks. Because the most important support levels are around $ 2400 to $ 2310, the ETH price has seen several rebounds, which indicates a strong purchase interest.
On the other hand, the price has also had to deal with several rejections around $ 2700, indicating heavy sales pressure. What is the following? Will the Ethereum price remain consolidated within the range?
The ETH price is at a technical intersection where token reflects both bullish and bearish scenarios. The price for the short term is stuck within an extremely narrow range, and therefore an outbreak of the pattern can only attract the bulls or the bears.
The ETH price in the STF shows that token is not above the falling trend line, which acts as a strong resistance. On the other hand, the Bollinger tires are also deep and started pinching. In the meantime, the stochastic RSI has also fallen before the upper threshold is marked, which means the growing dominance of the bears. That is why the ETH price is required to break the falling trend line and to secure $ 2600. Secure the range above $ 2700 and $ 2715 can only validate a bullish reversal, because the token has confronted several rejections of this level.
In the worst case, a failure can break the crucial support at $ 2450, and if the price does not cause any rebound, a decrease up to $ 2300 or slightly lower.
Ethereum fell by more than 45% in Q1 compared to 11.82% of Bitcoin. In the meantime, the increase in the ETH price is almost 40%, compared to 26% of the BTC price, which means that it performs better in the second largest token Bitcoin in Q2. On the other hand, Sharplink Gaming is planning to buy Ethereum worth a billion dollars for his treasury, together with the ETF accumulation. In the meantime, the Ethereum price with the 2021 breakout rhymes, which increased the levels from $ 2500 to $ 4000.
The ETH price undergoes similar consolidation, and therefore, if history repeats, token will be ready to mark new highlights in the coming months.