ETHUSD - 6 months long consolidationETH USD has seen a long consolidation for almost about 6 months after taking out the resting supply side liquidity after hitting the ATH of 4800.
This supply side liquidity created a new low as of April, 2024 @ 2813 and has not been able to break this area of demand creating a long range consolidation.
Price usually breaks out after long consolidation in either direction (This is important to keep in mind, so that we don't have a bias).
The recent ETF approvals also showed interest for the second largest cryptocurrency with net inflows of $106 million last Tuesday, July 24th.
Here are my key levels of interest:
For a break upwards from this consolidation a key level is the $3234. We want to see price stay above that because it the supply zone from which price broke out.
Long:
If we see strong buyers volume in the coming 2 weeks, we should see a break of the consolidation trend line and test the liquidity present in previous supply @ $3923-4092 and if we can break that then $4783 could come real fast.
Short:
We break the swing low at $2813, we can see $2575 and if the demand size liquidity gets rejected at the previous swing low, then $2115 could be tested.
