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Ethereum Technical Analysis: ETH Price Consolidates Amid Market Uncertainty

Author: Content Editor
The price of Ethereum is consolidating around $2,630 after testing key support and resistance levels. The market is exhibiting mixed momentum, with oscillators showing neutrality and moving averages providing conflicting signals. Traders are closely watching whether Ethereum will break through resistance or test lower support zones. On the 1-hour chart, Ethereum attempted to hold steady at $2,630 after a drop to $2,591, with buying volume spiking to reinforce this level as short-term support. However, the current price action is marked by lower volume, indicating market hesitation. On the 4-hour chart, there is a slight downtrend and a consistent pattern of lower highs and lows, suggesting potential selling pressure. Traders are monitoring the $2,640 level closely. On the daily chart, Ethereum remains in an upward trend but shows signs of potential profit-taking after a recent rejection near $2,729. The price is currently testing support in the $2,650-$2,600 range. Moving averages provide conflicting signals, with short-term EMAs suggesting upward momentum and longer-term EMAs signaling bearish trends. Oscillators are largely neutral, reflecting the market's indecisiveness. If Ethereum holds above the $2,600 support zone and breaks through the $2,700 resistance, a rally could unfold. However, caution is advised due to the bearish signals from longer-term moving averages and the rejection near $2,729. Traders should remain cautious of further downside risks.

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