Ethereum’s price has been consolidating after a significant crash a few weeks ago, making market participants hopeful that the price is creating a bottom.
## **Technical Analysis**
By: Edris Derakhshi
### **The Daily Chart**
On the daily chart, the price has gradually made higher highs and lows since rebounding from the $2,100 support level. Yet, the market has yet to break past the $2,700 resistance, and a rejection could lead to another drop to $2,100. On the other hand, if the market successfully breaks through this resistance, a rise toward $3,000 would be imminent in the short term.
### **The 4-Hour Chart**
The 4-hour chart clarifies the recent price action, as the market has been moving inside a rising wedge pattern. These are primarily bearish. A breakout below the wedge could continue toward the $2,100 level and even lower. However, if the market somehow breaks the pattern to the upside, a quick surge toward the $3,000 resistance zone and even higher could be expected.
