Current trend
Since early February, the ETH/USD pair has been moving within the main sideways range of 2187.50–1875.00 and has not yet been able to break out of it. A breakout of one of the boundaries may trigger a new significant price movement. Thus, after consolidation above the 2187.50 mark, it may reach 2500.00, 2812.50. Fibonacci correction 61.8%), and 3125.00. Fibonacci correction 50.0%). However, after a breakdown of 1875.00, the asset will decline to 1481.60.
Technical indicators are providing mixed signals. Bollinger Bands and Stochastic are horizontal, and the MACD histogram is stable in negative territory. Note that the price is in a long-term downward channel, and on the weekly chart, Bollinger Bands are pointing downwards, reflecting a long-term negative trend. Under these conditions, the sideways price movement can be considered a Flag pattern formation, increasing the likelihood of further negative momentum.
Support and resistance
Resistance levels: 2187.50, 2500.00, 2812.50, 3125.00.
Support levels: 1875.00, 1481.50, 1250.0