The markets hope for a recovery with the Bitcoin ETF deadline this Friday, but Ethereum remains dormant in a range. With 37.25% YTD growth, the recent correction plunges the ETH price to $1639, a 23.68% discount from the 2023 high of $2142.
Failing to form an inverted head and shoulder in the 4-H chart, the ETH price action finds a supply portal at $1690.
Leading a sideways trend in the consolidation range, the ETH price forms a range between $1639-$1668. The bearish side seems dominant, with the overhead resistance coinciding with the 38.20% Fibonacci level.
Adding points to the bearish team, the ETH price action hints at a double-top pattern, with a neckline at the bottom support.
Currently, the ETH price trades at $1639 with an intraday loss of 1.08%, leading to a bearish daily candle.
Despite the consolidation, the ETH price action finds strong bearish opposition as buyers struggle to sustain the range. Moreover, the ETH price maintains a diagonal trend as it fails to rise above $1690.
With growing bearish evident in the 4H chart, the potential death cross in the 1-day chart warns of a prolonged correction phase. In case of a drop below $1600, the ETH price may plunge to the $1540 mark.
On the flip side, the buyers find optimism in the lower price rejection from the 78.60% Fibonacci level at $1579 and the upcoming ETF news. A recovery trend resurfacing above $1690 can fuel a bullish trend to $1776.
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