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ETH extends its price consolidation, where can investors seek gains

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

ETH continues with its consolidation range into the weekend.
The bears had slight leverage despite a recent accumulation.

Since 17 March, Ethereum [ETH] has consolidated within the $1,715 – $1,840 price range. Put differently, ETH has been stuck in a sideways structure in the past seven days and could extend into the weekend.

Read Ethereum’s [ETH] Price Prediction 2023-24

In the same period, Bitcoin [BTC] oscillated between $26.67K and $28.94K. In particular, BTC dropped from the $28K to $26K zone after the Fed hiked the rate by a quarter point on Wednesday (March 22).

But it rebounded on Thursday (March 23) after hints that Fed’s rate hikes could be peaking and easing was likely.

Is a breach of the week-long range likely?

Source: ETH/USDT on TradingView

ETH followed BTC’s rebound and retested its upper range of $1,855.5. In the past seven days, ETH’s overall price action chalked a parallel channel pattern with a mid-level at $1,779.18.

The price ceiling at $1,855.5 could sink ETH to the channel’s mid-level or lower boundary. At press time, ETH’s value was $1,809.30.

Short-term bears could sink ETH to $1,779.18. However, they must clear the hurdles at $1.779.18 and 20 EMA (exponential moving average) of $1,784.5 to gain more leverage.

A close below the channel’s mid-level of $1,779.18 could attract more aggressive selling, which could likely push ETH to $1,715.

Bulls have two levels t

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Author: Suzuki Shillsalot

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