Ethereum 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.