The markets hope for a recovery with the Bitcoin ETF deadline this Friday, but Ethereum remains dormant in a range. With 37.25% YTD growth, the recent correction plunges the ETH price to $1639, a 23.68% discount from the 2023 high of $2142.
Failing to form an inverted head and shoulder in the 4-H chart, the ETH price action finds a supply portal at $1690.
Leading a sideways trend in the consolidation range, the ETH price forms a range between $1639-$1668. The bearish side seems dominant, with the overhead resistance coinciding with the 38.20% Fibonacci level.
Adding points to the bearish team, the ETH price action hints at a double-top pattern, with a neckline at the bottom support.
Currently, the ETH price trades at $1639 with an intraday loss of 1.08%, leading to a bearish daily candle.
Will Ethereum Prices Find A Recoil Rally?
Despite the consolidation, the ETH price action finds strong bearish opposition as buyers struggle to sustain the range. Moreover, the ETH price maintains a diagonal trend as it fails to rise above $1690.
With growing bearish evident in the 4H chart, the potential death cross in the 1-day chart warns of a prolonged correction phase. In case of a drop below $1600, the ETH price may plunge to the $1540 mark.
On the flip side, the buyers find optimism in the lower price rejection from the 78.60% Fibonacci level at $1579 and the upcoming ETF news. A recovery trend resurfacing above $1690 can fuel a bullish trend to $1776.
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks