In times when the Bitcoin price is experiencing huge volatility, Ethereum has chosen to maintain a steady and calm price action. After rising above $2000, the second-largest token has been failing to rise above a certain range. The token is consolidating around $2500, staying in an accumulation zone for the past 3 weeks. With the key support levels being around $2400 to $2310, the ETH price has seen multiple rebounds, which indicates strong buying interest.
On the other hand, the price has also faced multiple rejections around $2700, which hints towards heavy selling pressure. What’s next? Will the Ethereum price continue to remain consolidated within the range?
The ETH price is at a technical crossroads where the token displays both bullish and bearish scenarios. The short-term price action remains stuck within an extremely narrow range, and hence, a breakout from the pattern could only attract either the bulls or the bears.
The ETH price in the STF shows the token failing to rise above the descending trend line, which is acting as a strong resistance. On the other hand, the Bollinger bands are also plunging and have begun to squeeze. Meanwhile, the Stochastic RSI has also plunged before marking the upper threshold, signifying the growing dominance of the bears. Therefore, the ETH price is required to break the descending trend line and secure $2600. However, securing the range above $2700 and $2715 may only validate a bullish reversal, as the token has faced multiple rejections from this level.
In the worst case, a failure may break the pivotal support at $2450, and if the price does not trigger a rebound, a drop to $2300 or slightly lower could be imminent.
Ethereum dropped by more than 45% in Q1 compared to 11.82% of Bitcoin. Meanwhile, the rise in ETH price is close to 40%, compared to 26% of that of BTC price, hence indicating the second-largest token outperforms Bitcoin in Q2. On the other hand, Sharplink Gaming is planning to buy Ethereum worth a billion dollars for its treasury along with the ETF accumulation. Meanwhile, the Ethereum price is rhyming with the 2021 breakout, which elevated the levels from $2500 to $4000.
The ETH price is undergoing a similar consolidation, and hence, if history repeats, the token is primed to mark new highs in the coming months.
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