Here’s how you can trade Ethereum Coin amid ongoing consolidation
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Brian Bollinger Despite the recent recovery in crypto markets, the Ethereum coin price has managed to reach $1500 support and challenge the monthly resistance of $1700-1680. The daily candle shows several higher price rejections at this resistance, which indicates that traders are aggressively selling at the resistance. These rejection signs suggest the ongoing consolidation in ETH price will continue.advertisementKey Points: The market participants can consider the area between $1700 and $1500 as a no-trading zone.
A price breakout from either end of this range will trigger an Ethereum directional rally.
Ether’s intraday trading volume is $6.5 billion. This indicates a 3.3% loss.
Source: TradingviewOver a month, Ethereum coin price restricted resonated between $1700-$1680 level and $1500 level, indicating a sideways trend. The market participation in uncertainty is evident by the price reversals at various levels. At press time, the Ethereum price was $1690, with an intraday loss $0.02%. The rejection candles at $1700 resistance, as mentioned, indicate that the altcoin will likely experience another bear cycle within this range. Trending StoriesThis potential bearish reversal could plunge the ETH price 11.5 to reach $1500. New traders who are looking for entry opportunities should wait for a price break from any level in the range. Also read: CRYPTO TELEGRAM CHANNELS LIST 2023 The post-breakout rally pushed the prices 18.5% up to reach $2000, with $1790 and $1900 as in-between resistances.However, if the coin holders lose $1500 support, the ETH price will likely hit the $1360 mark.Technical IndicatorADX: a significant drop in the daily ADX slope indicates the loss of bullish momentum, accentuating a higher possibility for prolonged consolidation.advertisementEMAs: A bullish crossover between the 50-and-200-day EMA could encourage more buying orders in the market.Ethereum Coin Price Intraday LevelsSpot rate: $1685
Volatility is high
Resistance level: $1700-1680 and $1790
Support level: $1500 and $1361
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