The ETH course lost value slightly in the last 24 hours. In the meantime, things looked even better for the entire crypto market. This was up over 3% over the course of the day. However, towards Saturday evening, some courses came back significantly. This also includes Ethereum. The interim plus was given in full. Ethereum is currently trading at $ 3,200. But what’s next? Can the ETH course finally break the sideways range?
After the rally is before the range
Since mid-August, the price of Ethereum has been moving in a limited corridor after a strong upward rally. This is capped by a support at around $ 2900 on the downside. On the upside, there is resistance at $ 3,333. In the previous weeks, the Ethereum rose explosively.
Important consolidation before a new rally
ETH is currently in an important phase of consolidation. In order to start a new rally, Ethereum first had to balance the battle between bulls and bears within the sideways phase. After the strong upward movement there was a partially overheated price. Technical consolidation could now come to an end. An upward break out of the sideways range offers the chance for an explosive upward rally. Ethereum bears are likely to have built some short positions on ETH on the upside. If the breakout from the sideways range succeeds, the ETH bears would have to cover their short position. Then additional momentum should arise and the price should continue to explode. It does not seem unlikely that we will see new all-time highs this year once the $ 3,333 break is sustainable.
Should you buy Ethereum now?
As long as ETH is listed in the well-known sideways range, investors won’t miss a thing. The same game existed for a long time with Bitcoin, which fell in love for a few weeks between $ 30,000 and $ 40,000. However, experience has shown that price increases after such a range are explosive. Risky investors could already build a position in Ethereum, as the long-term potential is undoubtedly there. After all, the Ethereum Blockchain is number 1 in the field of smart contract platforms. The ETH 2.0 upgrade aims to become even faster, better and more scalable. Investors convinced of cryptocurrencies should see Ethereum as a basic investment.
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