Ethereum’s price has been correcting over the last couple of weeks following a decisive rejection from the $4,000 resistance level. Yet, things can potentially change for the better in the short term.
Technical Analysis
By TradingRage
The Daily Chart
On the daily chart, the price has been rallying consistently in recent months before a definitive rejection from the $4,000 resistance level.
The market is currently in a correction phase, with ETH consolidating below the $3,600 level. If the market is able to break back above the $3,600 level, the price will likely begin its bullish continuation, potentially making a new all-time high in the coming weeks.
The 4-Hour Chart
Looking at the 4-hour timeframe, the recent consolidation becomes much more clear. The price has been forming an inverse head and shoulders pattern since its rebound from the $3,000 support zone. The Relative Strength Index has…
