A closer look at the 4-hour chart reveals a multi-week range-bound phase, with Ethereum consolidating between the significant support at $2.9K and the critical resistance at $3.2K. Recently, the price saw a notable surge near the $2.9K threshold, retracing towards the wedge’s upper boundary, which corresponds to the $3.2K resistance region.
This indicates a slight increase in market demand.
If buyers successfully breach the wedge’s upper trendline at the $3.2K resistance level and the bullish momentum strengthens, a strong bullish trend could emerge in the mid-term.
However, if buyers fail to push the price above this threshold, a reversal may occur, leading to the continuation of the current sideways range phase towards the $2.9K support.
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