How long will Ethereum’s price remain in a sideways trend?
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Brian Bollinger The Ethereum price has been consolidating for nearly a month in a fixed range of $1680 to $1500. This consolidation was earlier intended to stabilize the aggressive buying that took place in the first three weeks 2023. The market is becoming more bearish and the ETH price has been experiencing a long sideways trend that indicates indecisiveness among participants. However, an extended correction phase, the presence of a cup and handle pattern keep the Ethereum coin under buyers’ controladvertisementKey Points: The $1680 breakout will release the Ethereum price from ongoing consolidation.
The $1500 and $1400 support must be maintained by buyers in order for Ethereum to remain bullish.
Ether’s intraday trading volume is $10.8 billion. This indicates an 18% gain.
Source: Tradingview The last three months of price action in Ethereum coin price has shown the formation a cup-and-handle pattern. The pattern is thought to be initiated by a u-shaped recovery, which is a cup portion. It is then followed by a minor consolidation phase known handle, which validates price sustainability above the higher levels. Despite the recent sell-off, Ethereum prices fell below the pattern’s neckline resistance at $1680. The altcoin fell 10% and reverted to the $1500 local support. The ETH price is currently trading at $1524 and has been hovering above the $1500 support since press time. Trending Stories This bullish reversal could prolong the sideways trend and prepare buyers to challenge the $1680 neckline. The price may rise to the following targets after a breakout rally: $1788, $1900 and $2000 or $2300. Technical IndicatorEMAs: The 50- and 200-day EMAs moving close to $1500 will provide additional support to stop further falls. AdvertisementVortex indicator – The growing gap between the VI+ (blue) slope and the VI-(red), indicates that there is increasing selling pressure in this market.
Resistance level – $1680 and $1788
Support level: $1500 and $1420
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