Ethereum still in consolidation
The price of Ethereum is consolidating; only a certain amount is missing that would make a breakthrough. As the Salvadoran news calms down, ETH may be preparing to return.
The price of Ethereum follows the steps of Bitcoin but shows less instability in its rallies. While BTC rose 24%, ETH rose only 13%, indicating a decline in interest in smart contract prospects. The Ethereum Classic network will be upgraded around July 21. The upgrade, called Magneto, will take place in block 13,189,133.
According to an official announcement from the Ethereum Classic team, the Magneto upgrade will include the ECIP-1103 and the Ethereum upgrade in Berlin. The last upgrade was launched on the Ethereum network at the end of April and presented several suggestions for improving Ethereum that optimized gas charges and introduced network security improvements. The four EIPs applied during the upgrade in Berlin were next and will now be shown on Ethereum Classic.
Looking at the chart on the four-hour time frame, we see that the ETH is still moving sideways. We find current support at 23.6% Fibonacci level at $ 2350. The price is currently at $ 2470, and for now, this consolidation can climb above $ 2500. As our next first bullish target, our previous high is at $ 2620, and if we manage to climb above the next target and our resistance zone is 38.2% Fibonacci level at 2737%. While above, we have an even larger resistance zone of $ 2850-3000, the zone that presents us with a problem from 20.05. If we expect a bearish scenario, we first need a break below 23.6% Fibonacci level and the previous low to $ 2300, and then we are looking for the next support at $ 2200, and after it to the May low at $ 1720. Looking at the MACD indicator, we are still under a lot of bearish pressure, and we also have a current bearish signal that shows us the weakness of Ethereum.
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