Ethereum’s [ETH] price has once again shot up closer to its previously established all-time high level. Despite the fact that the world’s largest altcoin has risen by more than 8% in the past week, it has failed to stop a reversal below $1,500-level. On the bright side, the strong demand for decentralized finance [DeFi] has instilled more confidence in the recent rally.
Ethereum has once again regained its traction rose by 7.83% over the last 24-hours which drove its price to $1,411.7. At the time of writing, the crypto-asset recorded a market cap of $161.8 billion and a 24-hour trading volume of $32.56 billion.
Where will the current consolidation phase take Ethereum?
Ethereum [ETH] Daily Chart
Even as the positive momentum pushed Ethereum’s price, it was still stuck inside a rising wedge pattern a breakout from which takes a bearish turn as per convention. However, the current phase depicted rising bullish momentum in the crypto-asset’s price.
Ethereum had earlier struggled to preserve its bullish momentum and if the coin’s price could slide deeper if a breakout to the negative side confirms.
The rising gauge between the 50 DMA [Pink] and the 200 [DMA] below the ETH price candles, on the other hand, aligned with a positive outcome.
The MACD indicator geared up for a bullish crossover after nearly two weeks of treading the red zone below zero.
The Stochastic RSI also underwent a bullish crossover in the positive territory depicting a rising buying pressure.
The RSI was also moving towards the overbought region depicting that the buying pressure was intact despite the crypto-asset undergoing a series of rejection over the past couple of weeks.
On taking Fib retracement into consideration, it was found that if the rising wedge pattern formation is invalidated, the coin could attract more buyers and push ETH toward its nearest resistance of $1,476, a breach of which could put $1,629 and $1,709 as respective target points for Ethereum.
Besides, the altcoin found significant support from levels $1,193 and $1,044.