An interesting technical outlook frames the current Ethereum price action as a range-bound environment on the higher timeframe. Patience will Instructs the next move.
Ethereum price fluctuations I’m in the sensitive zone nowand according to cryptocurrency analyst Minga, the path to a true cycle bottom requires another step down, defining the level that needs to be cleared before a macro bottom is reached.
$ETH Transactions over multiple years
technical analysis of The weekly candlestick timeframe chart shows Ethereum consolidating within a broad macro range, the boundaries of which are defined by two extreme values. That is, a 2021 all-time high of $4,877 and a 2022 bear market low of $878.
According to cryptocurrency analyst Minga, trading in such ranges is a very simple method of trading level by level. Interestingly, $ETH It followed a predictable sequence while trading within this range. The price hit a new all-time high in 2021, slightly surpassing it to a new all-time high of $4,946, and has been trending lower ever since.
In recent developments, Ethereum price fell to an untapped monthly low of around $1,750 in February, before buyers stepped in and pushed it higher. $ETH Return upwards. But that bounce lacked follow-through.
The rally stalled in March at the $2,300 level, but has since rebounded and is now expected to be accepted below $2,151. Currently, Ethereum is Currently, it has returned to trading around $2,000, This is an important psychological level. This places Ethereum’s price in what can only be described as a no man’s land in the range, where the next directional move could be up or down.
Ethereum price chart. Source: @Mingarithm On X
Is it a temporary rebound or a direct decline?
analyst Identifying price level of $2,151 as a major pivot point. Price action recently attempted to regain this level but failed, showing a clear rejection. This rejection will continue the bear market for now.
only for $ETH The path of least resistance appears to be tilted to the downside as it remains below $2,151. But a successful recall could change the short-term outlook. Mr. Minga noted that if that were the case, there would be a gap in fair value that would rise to $2,395.
Mr. Minga Downside expectations Play in two stages. The first stop is $1,537, where the weekly parity lows (labeled “EQL” on the chart above) are coming together to form a clear liquidity target. Although Minga expects this level to be achieved, $1,537 is not where Ethereum’s macro bottom will form.
The real bottom target lies even deeper. Heading towards a legitimate cycle bottom, Minga is eyeing a significant rally above the previous structural low of $1,384. What is also noteworthy is that Minga highlights the $1,190-$1,148 zone as the area where a macro bottom is most likely to form.
Featured image from Unsplash, chart from TradingView
