Ethereum's price action appears quiet, but the overall formation is slowly turning bullish. Over the past 24 hours, ETH has traded almost flat, while the past seven days show a modest 2.6% gain. The price has remained above $3,100 for several sessions, suggesting strength rather than exhaustion.
This sideways movement is not random; Ethereum is compressing near key levels where breakouts often form. The next significant move will depend on whether buyers, who are gradually returning, can transform this consolidation into a breakout.
🚀 A breakout above the current resistance could initiate a strong upward trend.
📈 Traders should watch for increased buying pressure and volume.
Consider the following potential Entry, TP, and SL levels:
Entry: Near current consolidation range, e.g., $3,150 - $3,200.
TP: Target initial resistance levels, potentially $3,500 or higher.
SL: Set below the consolidation support, e.g., $3,000.
This analysis focuses purely on technical indicators and market sentiment for Ethereum.
