3. October 2023

ETH Poised to Break out of Narrow Range: $2K Price Target in Sight

• Ethereum’s price is currently trapped in a narrow range between the 100-day moving average and the upper trendline of a descending flag.
• A breakout from this critical range could indicate an imminent direction for its next move, with potential targets at $2K or $1.7K.
• On the 4-hour chart, Ethereum has been consolidating within a static range between $2K and $1.7K, but also faces dynamic support at $1814.

Ethereum Price Range

Ethereum’s price finds itself tightly confined within a narrow range on the daily chart, hemmed in by the upper boundary of the descending flag and the 100-day moving average. This range is on the verge of being breached, indicating an imminent direction for its next move.

Upper Boundary Resistance

The upper boundary of this critical range is approximately set at $1880 and serves as resistance for any potential bullish attempts to break out. If successful, Ethereum’s price will aim for the significant resistance zone around $2K.

Lower Boundary Support

The lower boundary of this range is established by the 100-day MA at $1814 which serves as dynamic support should Ethereum’s price attempt to break down instead. A drop below this level will lead to a cascade toward the next support level at roughly $1.7K.

Consolidation Range

On the 4-hour chart, it becomes evident that Ethereum has been trapped within a consolidation range bounded by static levels of resistance ($2K) and support ($1.7K). This range has persisted for several months following unsuccessful attempts to break out or down respectively .

Dynamic Support Level

Additionally, Ethereum’s price also encounters dynamic support at $1814 which may prevent further downside movements if successfully defended againt bearish pressure in case it breaks down from its current narrow trading range