- Ethereum price remains in consolidation since April 2
- Ethereum rallied to new highs on the back of the favorable technical structure and underlying fundamentals
Ethereum price remains in consolidation since April 2. Despite the run-up to recent all-time highs of $2,151. The near-term picture improved after this week’s steep fall was contained by the support at $1,929, but recovery was so far limited and lacking momentum to extend.
Ethereum, the second-largest cryptocurrency has a current market cap of $241 billion and $21.3 billion in trade volume over the past 24 hours. At the time of writing, Ethereum was trading at $2,078, up by 4.12% in the last 24 hours and 4.58% weekly.
In the prior week, Ethereum rallied to new highs on the back of the favorable technical structure and underlying fundamental strength following the news of Visa settling transactions on the ETH mainnet. Ethereum’s scheduled “Berlin upgrade” has also caught investor attention. The Berlin upgrade is scheduled to go live on the Ethereum mainnet at block 12244000.
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ETH Daily Chart: Ranging
Bulls’ attempt to regain traction after Thursday’s recovery stalled at the $2,084 barrier. Today’s price action seems to be forming Doji candlestick, signaling indecision. As seen, the repeated attempts to flip the resistance on approach and beyond $2,150 since April 2 shows hesitancy amongst the bulls.
Technical studies send mixed signals as near-term action remains supported by the $1,929 level, while RSI remains flat at 60. The battle between the bears and bulls highlights a measure of uncertainty in the market.
Recovery needs break above $2,100 and more importantly, $2,150 barrier (the recent all-time high), break of which would generate fresh bullish signal. ETH bulls will then make another attempt to drive the price above $2,150. If they succeed, the ETH/USD pair could start its journey to the next target objective at $2,600.
- Supply Levels: $2,200, $2,150, $2,100
- Demand Levels: $1,929, $1,800, $1,700
The supports and resistances of the consolidation range are key levels for a bullish or bearish breakout. A return and close below $1,929 would weaken the near-term structure and expose key supports at $1,774 (MA 50) and $1,538. Conversely, a close above $2,100 would generate an initial signal of bullish continuation.