Ethereum Consolidates Below $2600: What Could Trigger A Sharp Increase?
Ethereum is consolidating below $2,600 against the US Dollar. ETH price must clear $2,600 and $2,620 to start a major increase in the near term.
Ethereum is still struggling to clear the $2,600 and $2,620 resistance levels.
The price is now trading below $2,600 and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near $2,590 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must gain strength above $2,620 to stat a steady increase in the coming sessions.
Ethereum remained below the key $2,600 and $2,620 resistance levels. However, ETH was also well bid above the $2,500 support level.
The recent high was near $2,595 before the price declined below $2,550.
It traded as low as $2,538 and is currently consolidating losses. It is now trading below $2,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,565 level.
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