Bitcoin price is trading above $50,000 and that’s what makes the entire crypto space paint in green. However, the second most dominant crypto, Ethereum, is still swinging within the same levels, manifesting very little or negligible volatility. Moreover, the recent pump also failed the ETH price to uplift above the $4100 range.
So what’s wrong with the Ethereum price? Will it ever consolidate along with the higher levels? Let’s check it out!
Ethereum (ETH) Price Analysis
Ethereum price is yet again hovering around $4000 levels yet again. Interestingly, the ETH price chart is manifesting a similar trend in the short-term as well as long term. In both cases, the asset is uncertain with the next move and hence opting to be pretty neutral.
The ETH chart in the short-term is trending within the symmetric triangle and reaching the apex. The price has broken down through the triangle but re-entered within a very short span of time, manifesting its tendency to remain above $4000 levels. Yet in the upcoming days, the asset may take a healthy divergence towards the north, breaking through the triangle which hovers along with the immediate resistance levels.
Interestingly, the difference between immediate resistance and support levels is pretty less and hence a small move may make a huge difference. The ETH price may continue with the current consolidation throughout this week. And may pull a massive leg up in order to close the yearly trade on a bullish note. While only a few days remain to end the trade for the year 2021, a drastic leap towards its ATH remains out of the blue.
While many upgrades and network developments are scheduled in 2022, the PoW & PoS mainly, Ethereum price could get a notable boost. Also while December could not be much flourishing for the crypto space, 2022 is expected to kick-start with a bull run. And if history repeats, the first of 2022 may manifest a monstrous rally including ETH price hitting $10,000 milestone.