The current market conditions are extremely choppy as the gains incurred during the monthly close and the start are almost nullified. As the consolidations continue to thrive, the crypto space tends to become more uncertain. And hence the ETH price also appears to have lost the plot to some extent. The very fresh plunged which initiated a couple of days before is on the verge to test the crucial phase in the coming days.
Multiple views on Ethereum have been recorded in recent times, collectively showing the possibilities of the asset surging towards $3000 shortly.. Moreover the possibilities of mirroring the previous rally to hit the ATH. One of the popular analysts pointed out the similarities between the present rally and the 2016 rally. And hence marked the highs somewhere around $8500 till the end of the year 2022.
Here the analyst points out the price trend during the 2016 rally, wherein the ETH price was also quite choppy. After accumulating for years, the asset finally broke out from the consolidation and ranged high to hit the ATH. Currently, the second largest crypto is undergoing a similar consolidation which is at the foothill of a surging mountain.
However, one major difference is that the trading volume has depleted largely compared to that of the 2016 bull run which underwent a huge wave impulse. And hence with a depleted volume if the price rises, it may not be for a longer time. Currently, Ethereum is swinging within a symmetrical triangle, which flashes both the possibilities of going high or plunging down. Therefore after a continued consolidation for another couple of days, ETH price may undergo a breakout to reach highs. While the possibility of a plunge cannot be completely eliminated.