Ethereum price flows within the market sentiments and comfortably trends above $3500 at the press time. But woefully, mirroring the previous day trade, the ETH price again faces rejection at the crucial levels. And hence forming hazy clouds on the upcoming price movements of the asset.
Interestingly, the price is currently again rebounding towards the same resistance levels, yet the sellers still have an upper hand over the buyers. And hence it could be more unlikely that the price could surpass these resistance levels in the short term. However, the reversal cannot be completely excluded as a sudden impact could change the plot completely.
Currently, the ETH price is attempting hard to surpass the crucial levels at $3646. However, as mentioned, the price is unlikely to clear these levels as the consolidation could continue for few more days. The possibility of a dump or a considerable downtrend appears pretty less as the price movement is along the uptrend line.
Therefore the need of the hour could be to sustain within the expanding channel and ultimately reach the peak in order to undergo a breakout. On the other hand, the RSI and MACD also point towards the bullish rally. However, most of the major assets including Ethereum(ETH) price is consolidating healthily and could reach their destination very soon.