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ETHEREUM → Consolidation continues. The market is waiting for...

2024-04-16 08:40 GOLD Forecast

💡 Ideas For ETHUSD 🔷

📈 ETHEREUM → Consolidation continues. The market is waiting for...

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ETH is declining following BTC on the back of the crisis in the Middle East, but the price still has not left the sideways range and even more so has not passed through the risk zones, which still leaves the coin in a favorable prospective area

snapshot

Ethereum is trading in a bullish plane, above the previously broken resistance of the upward range, which tells us that the market is in a bullish trend phase forming a retest of support as part of a counter-trend correction.

The entire cryptocurrency market is standing still in anticipation of a bitcoin halving, which could happen in 3 days. How the market will react is unknown, there is a high probability to see a long-slide before further growth or growth at once.

Resistance levels: 3200, 3730

Support levels: 2910, 2850, Channel Border

Technically, another retest of the support is possible, but we should wait for the formation of a reversal pattern relative to the lower levels in order to catch the growth. Or we should pay attention to 3200 and wait for the formation of a pre-breakout setup and trade the breakdown of resistance.

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