After weeks and weeks of massive sell-off, the Ethereum price has finally entered a consolidation stage. In this consolidation stage, we are seeing the bulls and bears battle it out for market domination.
How the Ethereum price breaks out from this consolidation is totally dependent on which side wins. In this Ethereum analysis, we will be breaking down the two possible price scenarios we will be watching for and the key levels that matter.
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Ethereum Building Up For A Move Soon!
This sideways market in Ethereum can only last for so long before the Altcoin price will need to choose a trend it would love to take for this week.
However, right now, the direction of the trend is still yet to be decided. This makes it important to stand aside and wait for the market to decide in order to avoid getting your trading account chooped to pieces with this sideways range.
This Ethereum range is from the $1,391 price level to the $1,221 price level in the 15 minutes timeframe.
Ethereum Bullish Prediction!
If the bulls wrestle back control of the market, then there is a very high probability that we might see the price breakout of this range and begin to move higher in the coming days.
What that might look like is the image below where we see Ethereum breaking above the top part of that range at $1,391, finding support and bouncing higher.
Ethereum Bearish Prediction!
For the bearish prediction, on the other hand, we want to see the Ethereum price break below this current range in the 15 minutes timeframe.
This would mean that Ethereum would have to break below the $1,221 price level which serves as the bottom of the range.
The image below is a good example of what that might look like in the coming days.
Final Verdict!
Well for now, the Ethereum trend is still undecided. And this is causing us to see a massive sideways movement in the Ethereum price in the 15 minutes timeframe.
This sideways range can only last for a while, but once it is over we expect to see a massive move in the ETH price either to the upside or downside.
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