Ethereum's price has been consistently making lower highs and lows over the last few months. The current key area will determine the mid-term market
Ethereum’s price has been consistently making lower highs and lows over the last few months. The current key area will determine the mid-term market trend.On the daily timeframe, the price has broken below multiple support levels, including the 50-day and 200-day moving averages. These moving averages have shown a recent bearish crossover, further suggesting a negative trend. However, ETH is currently testing the $1,650 resistance level.
A breakout would lead to a potential retest of the 50-day moving average around $1,700 and even the 200-day moving average around $1,800. On the other hand, a rejection would likely result in another drop toward the $1,400 support zone.On the 4-hour timeframe, a large falling wedge pattern forms, with the price currently testing the upper boundary. If a bullish breakout occurs, ETH could surge toward the $1,750 resistance level and potentially retest the key $2,000 area mid-term.
As long as the lower boundary of the wedge pattern and the $1,550 support level hold, investors can remain optimistic.
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