ETH extends its price consolidation, where can investors seek gains

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Since 17 March, Ethereum [ETH] has consolidated within the $1,715 – $1,840 price range. Put differently, ETH has been stuck in a sideways structure in the past seven days and could extend into the weekend. 

Read Ethereum’s [ETH] Price Prediction 2023-24

In the same period, Bitcoin [BTC] oscillated between $26.67K and $28.94K. In particular, BTC dropped from the $28K to $26K zone after the Fed hiked the rate by a quarter point on Wednesday (March 22).

But it rebounded on Thursday (March 23) after hints that Fed’s rate hikes could be peaking and easing was likely. 

Source: ETH/USDT on TradingView

ETH followed BTC’s rebound and retested its upper range of $1,855.5. In the past seven days, ETH’s overall price action chalked a parallel channel pattern with a mid-level at $1,779.18.

The price ceiling at $1,855.5 could sink ETH to the channel’s mid-level or lower boundary. At press time, ETH’s value was $1,809.30. 

Short-term bears could sink ETH to $1,779.18. However, they must clear the hurdles at $1.779.18 and 20 EMA (exponential moving average) of $1,784.5 to gain more leverage.

A close below the channel’s mid-level of $1,779.18 could attract more aggressive selling, which could likely push ETH to $1,715. 

Bulls have two levels to watch out for. The mid-point of $1,779.18 could offer a steady rebound, especially if BTC attempts to retest $28.94K.

Another key support level to watch is the channel’s lower boundary of $1,715. But a breach above the consolidation range could offer bulls a chance to retest August 2022 levels of $2002. However, near-term bulls must clear the