Claim $500Ethereum Price Analysis: ETH Extends Consolidation Below $1600; Is Upside Over?
Ethereum price (ETH) makes an extended consolidation near the crucial $1,600 mark. The price moves in a very tight range with no clear directional bias. It is important to analyze how the volume is supporting the current move. In the past 24-hour time, the ETH trading volume declined 19% at $16,306,930,637.
- ETH prices continue to consolidate near the higher level.
- Despite the range-bound move, ETH surged 21% in the week.
- An upside or downside move near 0.23% Fibo. Retracement on the 4-hour chart will set the next directional bias.
ETH/USD is trading at $1532, down 0.32% for the day.
ETH price portrays the dull movement
On the 4-hour chart, the ETH price looks exhausted near the higher levels. The asset is moving in a sideways manner for the past four days inside the $1,450 and $1,640 price band.
A double top formation around $1,645 resulted in a minor correction in ETH. Further, the price took support near the 0.23% Fibonacci retracement that extends from the lows of $1,005.5.
Despite the negative divergence, the RSI (14) oscillates near 52 as the indicator touched this level twice. Any uptick would result in the continuation of the upside move.
In addition to that, the ETH price comfortably sits above the critical 50-day EMA. A daily close to the previous session high could motivate the ETH bulls to meet $1,800 next.
On the hourly chart, ETH making higher highs and higher lows. However, after testing the highs of $1,644 the price falls back into a consolidation phase. Now, the price is making a rally-base-drop formation.
A shift in the bearish sentiment could drag the price below $1,460.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Crypto ETF Issuer 21Shares Advances Dogecoin ETF Bid with Amended S-1 Filing
- Bitcoin Crash Risk Mounts As Peter Brandt Points to 80% Declines in Every Major Cycle
- Bitcoin Whale Doubles Down on BTC, ETH, SOL Short Positions, $243M at Stake
- IMF and El Salvador in Bitcoin Talks: Progress Made, Compliance Deadline Set
- Trump Media Invests $40M in Bitcoin as Incoming CFTC Chair Signals Crypto Clarity Act Push in January
- Will Bitcoin Price Hit $100k Before Year-End? Prediction and Analysis
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
