Ethereum (ETH) ranks ranged in a narrow 4-hour range from $ 3150 to $ 3500, leaving investors frustrated with its impoverished results in recent weeks. While other assets on the cryptocurrency market are making progress, Ethereum’s side movement caused that many people are wondering if this year can regain dynamics. The prolonged consolidation deteriorated moods, and some investors began to lose patience and faith in the ability of ETH to generate significant profits.

However, among technical analysts who see that Ethereum is approaching a critical inflection point, optimism remains. The best cryptocurrency analyst Daan has recently released technical analysis of X, emphasizing the formation of a massive wedge falling on the Ethereum chart. This configuration is widely considered to be an upward reversal indicator, which can cause significant upward movement when the price is broken.

According to Daan, breaking out of this falling wedge would probably pave the Ethereum path to test $ 4,000-4 $ 100, giving a ray of hope for bull’s investors. Such a move could revive market trust and prepare the ground for Ethereum to regain the status of leading Altcoin. For now, everyone’s eyes are turned to ETH, because investors are waiting for confirmation of another vast traffic in this very observed range.

Ethereum in the face of grave threats

Ethereum has been in a downward trend since the end of December, trying to regain dynamics, because the market is still dominated by bears. The impoverished price campaign aroused more and more concerned about investors and analysts with the possibility of deeper correction as ETH consolidates near critical support levels. Although some still hope to return the situation, the current perspective suggests that Ethereum is facing grave challenges.

The best analyst of cryptocurrency Daan has recently shared his insights on the subject of X, emphasizing the pattern of a huge drooping wedge on the Ethereum chart. This pattern is often considered an upward reversal signal that can cause a significant breakdown if it is confirmed. According to Daan, a successful break could push ETH towards the $ 4,000–4 $ 100, returning to the peaks of the cycle. However, he also expressed caution, suggesting that if ETH really manages to reach this level, he may encounter powerful resistance, which can lead to another edged rejection.

Daan emphasized the importance of monitoring the trend of the falling wedge, noting that it would play a key role in determining the next Ethereum movement. For now, the market remains in the waiting mode, and ETH maintains an uncertain balance between the potential of bullshit and the risk of further declines.

While Ethereum will oscillate around key levels, investors and investors carefully observe the signs of the final movement. Breaking above the inheritance wedge could breathe a modern life in ETH and arouse optimism again, while lack of support may result in the extension of the consolidation period or even deeper correction. The upcoming days will be of key importance for shaping the trajectory Ethereum, and its results will probably affect the wider moods on the market.

ETH consolidates above key demand

Ethereum (ETH) is recorded at the level of $ 3322 after a few days of rapid price changes, reflecting wider uncertainty on the cryptocurrency market. The price has difficulty dynamics because it remains in a narrow range, testing the patience of both investors and traders. To initiate an upward trend, bulls must maintain a critical support level of $ 3300, which in recent sessions was a key demand zone.

Definitely pushing above the resistance level at the level of $ 3500, which for weeks limits the ETH growth movement, is necessary to confirm the bullishing. Cleaning this level would probably enliven the market mood and attract modern interest in shopping, preparing the land for Ethereum to achieve higher price levels in the coming days.

However, the risk of deterioration is significant. If ETH does not maintain the level of $ 3300, this can cause a wave of sales pressure, leading to a deeper correction. Such a move can also cause surrender among investors who are disappointed with the impoverished results of Ethereum compared to Bitcoin and other Altcoins.

A highlighted picture from Dall-E, chart from TradingView