ETH Price Consolidates Near $2,400; Is More Upside Possible?

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ETH price continues to make a consolidative move with positive bias. Investors to wait for further confirmation before placing aggressive bids. If the price manages to flip resistance into support an impressive row of gains could be observed by the sidelined buyers. Here is a piece of advice for investors a cautious approach should be applied, and keep a close watch on every tick to take advantage of the next price action, most probably on a higher side.

  • ETH price locks gains for the second straight session in a row.
  • A recovery above$2,530 on the daily basis would be a launching pad for the next leg-up.
  • An interim base formed near $2,200 promising a technical bounce back.

ETH price trades near support levels

Source: Trade view

On the daily chart, the ETH price has been trading in a medium-term downside trend since it made record highs in November at $4,867.81. Since then,  ETH depreciated 55% with the swing lows of $2,113.  The price is dwindling near the support level going nowhere as per the current market structure.

Currently, the price is consolidating waiting for either side to breakout. A sustained buying pressure near the bottoming formation around could result in a bounce back to the horizontal resistance zone at $2,530. Further, the next round-up could be found at the psychological $2,800 level.

On the contrary, a break below the session’s low might trigger a fresh round of selling in the asset. The sellers could collect the liquidity around $1,700 levels last seen in July.

The RSI is trading at 31, which stipulates the bearish outlook in the asset. It is oscillating below the average line since April 4.

As of press time, the ETH/USD is trading at $2,242 down 3.37% for the day. The second largest cryptocurrency is holding the 24-hour trading volume at $40,604,977,062.

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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