Despite increased price action in the crypto space, the Ethereum token struggles to maintain its upward trajectory. This has resulted in the largest altcoin forming a consolidated price action this year. With a trading price of $3,288.00, it has a market cap of $396.51 billion.
The Moving Average Convergence Divergence (MACD) records a neutral price trend with its averages displaying a similar action in the daily time frame. Moreover, its EMA 50/200-day witnessed a similar price action. This indicates a consolidated price action for the largest altcoin in the crypto market.
Maintaining the price above its support trendline of $3,272 could set the stage for this altcoin to retest its upper resistance level of $3,700 during the upcoming month. Conversely, an intensified bearish action could pull the price toward its important support level of $3,100.
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