📈 ETHEREUM → Consolidation before the rally. Ready for 5,000?
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ETH breaks the resistance of consolidation pattern amid the news related to the approval of ETH-ETF. The reaction was premature, on rumors, and now the market is consolidating
Many wondered why there was not a strong surge and rally after the news. Reason: The rise from 3100 to 3850, almost 24% in a few hours, which followed due to the rumors about the approval of ETH-ETF was already embedded in the reaction, so the market did not have the potential to go up further, as there was strong resistance ahead, it would not have had enough strength.
Now, ETH is forming consoidation to go up. The candlestick patterns on both W1, D1 and H4 form interesting bullish premises indicating that it is the buyer who is assembling a position with the aim of breaking the 3830-3950 resistance with the aim of rallying and updating ATH.
Resistance levels: 3830, 3952, 4086
Support levels: 3730, 3660
Technically, a correction is forming. Within the correction the market is in consolidation. The correction will end when the price breaks through and consolidates above the mentioned resistance zones. Emphasis on 3830, as well as on the descending resistance at the local highs