Ethereum Shows Consolidation Pattern Mirroring Bitcoin’s 2017-2021 Cycle
Ethereum (ETH) is currently trading in a tight range above $2,600, showing resilience amid global market volatility due to geopolitical tensions. Key points include:
- ETH has rallied nearly 80% from April lows.
- Analyst Ted Pillows indicates ETH is mirroring Bitcoin's consolidation pattern from 2017-2021, suggesting potential for a breakout if it surpasses $2,800.
- Current support levels are around $2,400, with resistance at $2,775, coinciding with the 200-day SMA.
- A significant move may occur if ETH closes above $2,775 or drops below $2,400, which could lead to deeper corrections.
- Market sentiment remains cautious due to ongoing geopolitical risks, which may prolong sideways action.
Technical Analysis
The three-day chart reflects prolonged consolidation, with ETH holding above the 50-day and 100-day SMAs, indicating bullish momentum despite decreasing volatility. A higher close above $2,775 could target $3,000, while a drop below $2,400 would invalidate the current bullish structure.
