Technical Analysis – ETHUSD trades flat in Dencun upgrade aftermath
ETHUSD trades sideways in the past few sessions
Fails to capitalise on completion of Dencun upgrade on Wednesday
Momentum indicators ease but do not exit overbought zones
ETHUSD (Ethereum) has been in a steep uptrend in 2024, surging to consecutive multi-month highs. However, the leading altcoin seems to be consolidating in the past few sessions despite the successful completion of the Dencun upgrade as it has been repeatedly repelled a tad below the 4,100 mark.
Should bullish pressures fade, the price might reverse towards the recent support of 3,740. Further declines could then cease at the April 2022 resistance of 3,580, which could serve as support in the future. Failing to halt there, the price may challenge the March 2024 support of 3,260.
On the flipside, bullish actions could propel the price to fresh multi-month peaks, where the December 2021 resistance of 4,150 could curb initial upside attempts. Conquering that barrier, the bulls may attack the May 2021 high of 4,385. A violation of that region could pave the way for the November 2021 resistance of 4,670.
Overall, ETHUSD has been struggling to extend its series of multi-month highs despite the recent positive idiosyncratic developments. Is the price headed towards a pullback?
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