Ethereum Price Prediction: ETH Consolidates at $1,630

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Ethereum (ETH) has been consolidating near the $1630 mark as the bulls closely watch for signs of a potential bullish rally.

This anticipation stems from the emergence of a bullish pennant pattern.

As of 2:03 a.m. EST, the trading price of Ethereum is $1639. This figure represents a decline of 1.5% over the past 24 hours.

Unfortunately, the cryptocurrency’s performance throughout the month has been less favorable, experiencing a downward slide of 12.1%.

Bulls Could Take Advantage of Bullish Pennant

ETH/USD Chart Analysis. Source: Tradingview.com — ETHUSD Chart Analysis. Source: Tradingview.com

ETH’s price has hit a local high of $2100, resulting in a bullish pennant with two lower lows and one lower high, indicating a bullish continuation.

At the time of writing, ETH is hovering around $1639.

Despite the bullish pennant suggesting a potential upward trend continuation, price indicators provide a contrasting opinion, supporting the bearish momentum.

The price is trading below the 50-day and 200-day moving averages, aligning with a more bearish perspective and implying the possibility of further downward movement in Ethereum’s price.

The relative strength index (RSI) adds to this bearish sentiment, with a current reading of 24, indicating that the selling pressure might end as it falls below the oversold region of 30.

This situation might create an opportunity for a reversal in the price trend as bullish traders prepare to rally and drive the price higher from the lower boundary of the pennant.

The analysis above strongly indicates a continuation of the bearish trajectory in the short term for the price of ETH.

This downward momentum could prompt the bulls to retreat, seeking support at critical levels around $1552.

However, it’s important to highlight that this price dip offers a strategic window for bullish players to unite and initiate an upward surge with the support of the bullish pennant.

If the price surpasses the upper boundary of the pennant formation, the next target would be $2407, assuming this upward momentum gains traction.

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