Ethereum price analysis reveals that the Ethereum (ETH) price action has been uncertain for the past three weeks as it has been trading in a sideways consolidation.
The price action has broken out of an asymmetrical triangle and may soon start rising higher once again.
Across the four-hour frames, we can see that price has been trading in an asymmetrical triangle with resistance at two hundred and thirty-five dollars ($235) provided by its 200-period estimated moving average (EMA).
For a bullish rally to begin price levels must overcome this resistance and close higher than it. A logical price target is the point of control from the previous breakdown at 270 dollars and is highly achievable if price rises above the current key resistance.
Price action is currently in a small uptrend after breaking out of the triangle; however, low trade volumes have capped its potential. This may also indicate that the bearish momentum has exhausted and bulls are just around the corner.
This small uptrend is much more visible across the hourly-frames. Furthermore, the breakout from the asymmetrical triangle is much more observable here.
Now a key resistance has formed at two hundred and twenty-six dollars ($226), and prices can climb much higher if this obstacle is overcome. Moreover, this will cause the 200-period EMA to rise and provide support to price action at higher levels.
Ethereum is en route to higher levels with resistances at two hundred and twenty-six dollars, two hundred and thirty dollars, and two hundred and sixty dollars ($226, $230 and $260) respectively. At current pattern, it is only a matter of time before the bulls rush through. There is no momentum by the bears as no selling is happening across the ETH network.