Ethereum's Price Consolidates Near Resistance
Updated
Ethereum (ETH) is currently trading near $3,154, approaching a critical resistance level at $3,215 after a series of bullish and corrective moves. The price action has formed a double-bottom structure within the support zone around $3,027, suggesting buyer interest at lower levels.
However, ETH faces significant resistance near $3,215. If the price fails to break above this zone, a retracement toward $3,050 could occur. On the upside, a breakout above $3,215 may trigger a rally toward $3,350 and beyond.
Traders are closely monitoring the current consolidation phase as the next move will likely set the tone for ETH's short-term trend.
However, ETH faces significant resistance near $3,215. If the price fails to break above this zone, a retracement toward $3,050 could occur. On the upside, a breakout above $3,215 may trigger a rally toward $3,350 and beyond.
Traders are closely monitoring the current consolidation phase as the next move will likely set the tone for ETH's short-term trend.
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