Ethereum price has been maintaining a significant strength and consolidating heavily along the interim resistance. The trend currently appears to remain capped below $1650 but also flashes bullish signals that may uplift the rally in the coming days. The price slipped below $1600 after the fresh trend reversal and is failing to reclaim the position at the moment.
The volume has dropped significantly, which appears to have kept the price compressed. Moreover, the possibility of some bearish divergence is flashing due to which the price could further drop below $1500. This could be the trigger of a massive upswing fueled by the bulls and the whale who may enter at the interim bottoms.
Ethereum price is trading within a falling wedge which is largely considered bullish. The price was expected to face rejection and drop below $1500 as it holds these levels tightly, it indicates the price may revamp with a significant bullish trend soon.
However, the bearish divergence in RSI may be a little concerning which may loosen the grip of the rally. Unless MACD is hovering within the positive range, the possibility of a notable upswing may not be eliminated.
The ETH price is trading at $1575.29 with a slight jump of 0.23% in the past 24 hours. The trading volume has dropped extensively by more than 23%, while the market cap is advancing towards $193 billion at the moment. The levels at $1650 can be considered pivotal that may determine the direction of the impending rally.