Ethereum’s price has been correcting over the last couple of weeks following a decisive rejection from the $4,000 resistance level. Yet, things can potentially change for the better in the short term.
The market is currently in a correction phase, with ETH consolidating below the $3,600 level. If the market is able to break back above the $3,600 level, the price will likely begin its bullish continuation, potentially making a new all-time high in the coming weeks.Looking at the 4-hour timeframe, the recent consolidation becomes much more clear. The price has been forming an inverse head and shoulders pattern since its rebound from the $3,000 support zone.
Recently, Ethereum experienced a notable surge in price. Yet, its recent dip below $4,000 prompted some holders to react with surprise and engage in panic selling.
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