As ETH hit its 2-week low, the recent price consolidation shows some signs of improvement signaling buying opportunity at the bullish breakout.

Declining below $1300, Ethereum (ETH) witnessed its 2-week low on Wednesday. The coin has lost more than 11.41% in the last 24 hours and 17.60% in the last week. Dropped by about $140.87 today only, ETH has a 24-hour high of $1,579 and a low of $1,227.29. Currently trading at the price of $1,303.39, at the time of writing, the coin is currently consolidating the losses. If the price action breaks up above the new resistance near $1320, recovery may lead to a bullish breakout.
<h3>Key Points</h3>
<ul>
 	<li style="font-weight: 400;">ETH daily chart shows a highly influential bearish trendline </li>
 	<li style="font-weight: 400;">Consolidation at $1300 signals a consolidation in ETH price actions</li>
 	<li style="font-weight: 400;">The intraday trading volume in Ethereum is $ 40.31 billion.</li>
</ul>
Source <a href="https://www.tradingview.com/x/V5O5sWIt/">Tradingview</a>
<h2>Ethereum Technical Analysis</h2>
ETH price action maintains a declining trend after it broke the crucial support level of $1400 during early trades. With ETH price trading below 100 hourly simple moving average, the coin price chart projects a solid underlying bearishness. However the price consolidation near the 50% Fib retracement level teases a reversal rally, that may give buying opportunities for investors. Moreover, with the 50-day and 200-day SMA moving sideways the ETH price supports the downtrend.
<h2>Technical Indicators</h2>
The daily-RSI chart shows, just after breaking the overbought zone above 70%, RSI sharply declined below the halfway line making a bearish divergence, and moving far below the 14-day simple moving average lines. As the bearish histogram declines, despite showing some recovery, MACD could not sustain the selling pressure, making a steep bearish crossover while approaching the midline. 

The ETH prices consolidation at around $1300 signals potential recovery, as buyers may have buying opportunities at a bullish breakout.

ETH Technical Analysis: Ethereum Consolidates After Diving Over 11%

As ETH hit its 2-week low, the recent price consolidation shows some signs of improvement signaling buying opportunity at the bullish breakout.

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

ETH Technical Analysis: Ethereum Consolidates After Diving Over 11%

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