ETHUSD by ThinkMarkets — TradingView

Judging from the daily chart, Ethereum has shown continuous selling pressure since its historical high of 4954 points, breaking through and stabilizing below 2619 points. Prices are currently trading in the key area above 2000 points, which is volatile and occasionally volatile, indicating a balance between supply and demand forces in the near future, especially after the rebound to the highest point of about 1742 points.

We also note that the price is moving around the moving averages (20-day and 50-day), which are still sending negative signals, which confirms the current consolidation view. The Relative Strength Index (RSI) curve is moving sideways near the 50 level, which also supports the same view.

Based on this, here are the possible scenarios:
1. Positive Scenario:
A breakout and hold of the 2,200 level could trigger a corrective upward wave targeting 2,400 and perhaps 2,619 to retest them.

2. Scenario:
The continuation of the sideways trend between 1,742 and 2,400 points indicates the continued balance and expectation between the forces of supply and demand.

3. Negative Scenario:
A breakout and hold of 1,742 could open the door to further declines with a target near 1,383.
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