The Ethereum price is trading within a deep bearish trend after facing a rejection above $4000, registering daily, weekly, and even monthly losses. The daily RSI also dropped with a plunge in the price and has cemented below the average since then. This indicated an extended consolidation phase as the bulls and bears failed to utilize their strength. With an extended consolidation, the ETH price appears to be close to a breakout as the trend remains largely stagnant.
As mentioned above, the price continues to trade within a range after experiencing a shot time upswing to the resistance, which further coincided with the resistance area. Further, the price made a minor correction and soon backed up to the resistance area but later declined to the bottom part of the rally. However, the decline appears to be a bearish trap, as the trend could flip in a short while, causing a significant rise in the price, probably above $3300.
As seen, the price continues to trade within a descending triangle, but the recent accumulation within a narrow range suggests a diverse trend could be in the making. Therefore, it has now become extremely crucial for the token to break the consolidation as the bulls remain short of strength to lift the levels beyond the resistance. But the recent bounce up close to the resistance line has raised hopes for a breakout in the coming days.
Also Check Out : Will Ethereum-Based Tokens Rebound As Top Altcoins Stumble Again?
It appears pretty evident that the price may soar beyond resistance as the volume has dropped to a large extent. Hence, after an extended compression, the price is expected to trigger a rebound. Moreover, following the pattern, the price is required to trigger a pullback below the support, but the accumulation along the resistance, flashes bullish signals for crypto. Therefore, the Ethereum (ETH) price is believed to maintain a sideways trend for some more time, which could result in a bearish pullback, followed by a bullish rebound beyond $3300 initially and later at $3500.
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