Hello Traders!
ETH price has been consolidating in a narrow range for a month. The trigger for the price to go up was the announcement of Ethereum's transition from Proof of Work to Proof of Stake, which is planned for September 19.
A corrective movement is developing at the moment, the goal of such movement will be to collect liquidity near the mirror level of $1740, which acted as a strong support level between 2021 and 2022, now, this level acts as resistance.
On the basis of the analysis of the older timeframes, it is possible to assume about the continuation of the main downward movement of the price after liquidity gathering near the level of $1740.
Medium-term purchases are better to be gained in parts near the support levels of $1005 $800 and $615.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
ETH price has been consolidating in a narrow range for a month. The trigger for the price to go up was the announcement of Ethereum's transition from Proof of Work to Proof of Stake, which is planned for September 19.
A corrective movement is developing at the moment, the goal of such movement will be to collect liquidity near the mirror level of $1740, which acted as a strong support level between 2021 and 2022, now, this level acts as resistance.
On the basis of the analysis of the older timeframes, it is possible to assume about the continuation of the main downward movement of the price after liquidity gathering near the level of $1740.
Medium-term purchases are better to be gained in parts near the support levels of $1005 $800 and $615.
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice