Sahana Vibhute
As the market recovered notably during the previous trading day, Ethereum prices also made it above $2000 when BTC prices achieved $32,000 levels. However, it remained a very short-lived rally as the prices quickly fell apart and currently consolidating heavily within narrow ranges. The asset currently appears to be still trapped within the descending trend while the recent flips could be just another fakeout.
In the short term, the ETH price is appearing to be pretty bullish, while the RSI and MACD also support the claim. Yet, in the long term, the prices appear to be on the verge of falling apart. The asset is been rejected constantly after hitting the same trend line, signifying the bearish trend may not have been completed yet.
As per the analyst here, the ETH price is closely following the descending trend line and hence still capped within the bearish trend. If the bears intensify their positions ahead, the second-largest crypto is expected to visit the 10-month old support again. Moreover, the extended squeeze may also drag the price too as low as $1600 too.
Therefore, considering the present price action, it is more evident that the chopping around minor ranges may be extended. And as the bearish pressure accelerates at the resistance, a fightback above these levels may not be feasible at the moment. However, until and unless Bitcoin prices are held tightly above $31,000 the markets are also expected to remain within the upward trajectory.
