Ethereum price currently experiencing a healthy consolidation could either pull a massive leg up else fall into a bearish trap
Yet the price could embrace the bullish momentum soon as the indicators appear to be very strong in favour of a massive uptrend
Ethereum price after attempting hard to smash $3000 levels for nearly 2 months, recorded 13 straight green candles to march towards $3200. Since then the ETH price seems to trend within a very narrow range pointing towards a healthy accumulation. With dumping close to $3000 but a massive rebound from these levels point out towards a bull run resuming soon.
Conversely, in the short term, a small correction could be hovering the ETH bull rally as the technicals appear to be bearish. The daily chart signals a probable bearish divergence but the $3000 levels could be secure. If not a small dip below these levels would also be short-lived.
Here in the daily Ethereum chart, the indicators appear to be pretty bearish. The trading volume has gone down, MACD is on the verge of giving a bearish signal. Moreover, the RSI is also trending within a descending parallel channel. Interestingly, despite a bearish trend, yet the prices remain ranging towards the north which may validate a substantial correction waiting ahead.
Ethereum price is currently retesting the top of the daily flagging structure. Yet the recent retests coupled with the lower high could facilitate a transition into a new structure. If in case of ETH price sustain above $3300 then the price could march towards $4000 to $1000.