Ethereum Price Consolidates, Setting Stage for $3,550 Breakout Momentum
Etherium (ETH) is recording a steady pattern of around 3,040. Currently, the market is in the process of a corrective movement upwards, but the investors are keenly waiting for the market breakout above 3,550 as a way of showing a prospective upward movement.
Currently, Hype is trading at $3,039.58 and has a 24-hour trading volume measured at 16.18 billion and a market cap measured at 366.98 billion. It is also marked by a market dominance measured at 12.09, which is indicative of cautious optimism by the investors.
Ethereum Needs $3,550 Breakout Confirmation
As recent data indicated that Ethereum is still in a correction phase, as began on the November, 21. The price is moving downwards, staying below the top boundary of the channel, at which the correction is happening. Analysts have noted that the first sign, which would signal the beginning of a larger trend upwards, is when the price goes beyond this channel.
However, despite the possibility that the price may be moving further up, it is likely to be temporary within the market structure established. For Ethereum to actually enter into a sustainable increase, it is required to break past the resistance point of $3,550. Until then, the market structure is likely to provide better chances for minor fall possibilities.
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Ethereum ETFs Trigger $32 Million sell-off.
In addition to this, as per a recent post by crypto analyst Ali Martenez, which shows that the Ethereum sold off $32 million of Ethereum in the previous week, symbolizing moderate levels of profit-taking. This could influence short-term price movements, keeping the market cautious while investors watch for key breakout signals.
On the whole, Ethereum is still in a critical phase, and any clear breakout above the resistance levels would be a very clear indication of a stronger bull run, and vice versa would also extend the time during which it will remain in the consolidation phase.
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