Technical analysis suggests Ethereum price consolidation days it may end soon. At the time of writing Ether is trading with an augment of 0.07% in the last 30 days, which shows that current consolidation situation is located under.

However, according to technical analysis on TradingView, Ethereum’s price could be on track to hit a recent record high after 12 weeks of consolidation.

Ethereum price ends the lower formation

According to Ethereum price technical analysis on the weekly candle time frame, the cryptocurrency is currently in the 12th week of consolidation after the decline that ended in the first week of August. Interestingly, the analysis shows that consolidation is at the bottom of the lower trend line in the Channel Up trend on a weekly time horizon that started as early as June 2022.

In particular, a close look at the Channel Up trend shows that Ethereum’s price action has been confined between the upper and lower trend lines over the past two and a half years. Fortunately, the trend is up with higher highs and higher lows forming, suggesting a bullish outlook for Ethereum price.

In the current situation, Ethereum price is in an upward trend basically from the beginning of the week reversing last week’s declines. As a result, the price has moved from bearish to neutral on a weekly basis and is now trending towards bullishness.

The only thing left is for Ethereum price to maintain its uptrend and break above the weekly MA50 (50-day moving average). According to cryptocurrency analyst InvestingScope, a successful push above this level would not only signal an end to Ethereum’s prolonged consolidation, but would also set the stage for a rally towards the channel’s upper trendline.

ETH on its way to recent highs

In the current situation, the 1W Relative Strength Index has already exceeded its MA, which added dynamics. The only thing left is for the Ethereum price to break above the weekly MA50. A break above MA50 on a weekly time horizon would confirm a shift from consolidation to bullish momentum, attract recent buying interest, and open the way for Ethereum to create a higher high in the Channel Up structure.

The Channel Up structure is structured in such a way that forming a recent higher high at this point would require a break above the current all-time high of $4,900. Touching the upper trend line in the up channel would display the Ethereum price peaking above $5,500 before undergoing any major correction.

“When this happens, aim for no lower than the all-time high (TP = 4,900).” – said the analyst.

At the time of writing, Ethereum is trading at $2,631.

Featured image created with Dall.E, chart from Tradingview.com