Ethereum price is yet again attempting to pierce through the pivotal resistance zone above $2600 for the third consecutive time this month. In the past couple of attempts, the price failed to sustain despite the volume prevailing within a decent range. Meanwhile, the current scenario appears to be slightly different, as a drop in volume may turn the tables for the ETH price rally. Meanwhile, the historical chart suggests the price has entered an accumulation zone, which may prevent it from a breakout for a couple of months ahead.
Logarithmic regression band is a technical indicator that is used to find the set trend, specifically when the growth rate accelerates rapidly and slows down in no time. These bands identify the resistance and support of the price movements. Currently, the ETH price has entered these bands and if history repeats, then the token could spend a lot of time within these bands.
The ETH price has entered the bands for the first time in the past few years. The historical chart suggests the price enters the bands before triggering the next bullish wave. After breaking above the bands, the price usually triggers a strong bull run and marks a new ATH. However, before that, the price is expected to consolidate for nearly a year before the next bullish move. Now that the price has already consolidated for nearly 4 months, another similar consolidation is expected.
Despite the recovery, the ETH price has failed to rise within the bullish range. The weekly chart of ETH price displays a v-shape recovery but has failed to rise above the ascending trend line that it held since the middle of 2022. The current technicals suggest the price is poised for another pullback.
The ETH price is currently trading between the 50-day and the 200-day weekly MA and, unfortunately, heading for a bearish crossover or the Death Cross. On the other hand, the weekly DMI just refrained from validating a bullish crossover as the -Di is maintaining a strong descending trend. These indicators point towards a strong pullback in the ETH price and keep the levels restricted below $2500 for a while. However, a secured breakout above the range could squash the bearish prospects.
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