RATE Group | Ethereum (ETH) Price Watch: Back in Consolidation After Rejection at $300
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Ethereum (ETH) Price Watch: Back in Consolidation After Rejection at $300

05 Sep Ethereum (ETH) Price Watch: Back in Consolidation After Rejection at $300

Posted at 04:40h in Ethereum News by

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Ethereum Price Key Highlights

  • Ethereum price recently broke out of a small symmetrical triangle but has slumped back in consolidation.
  • A larger symmetrical triangle has formed and is still intact while price tests support.
  • Technical indicators suggest that the floor might still hold, but bullish pressure seems to be fading.

Ethereum recently attempted to break past the $300 mark after a triangle breakout, but it has slumped back to consolidation.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on this time frame to signal that the path of least resistance is to the upside. This suggests that support is more likely to hold than to break.

However, the gap between the indicators is pretty narrow so there could still be a chance of a bearish crossover and downside break. In that case, ethereum could fall by the same height as the chart pattern, which spans $250 to $330.

RSI appears to be crawling lower to indicate that selling pressure is present while stochastic is…

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