Trader outlines prospects for Ethereum price recovery

A practicing trader and founder of the Crypto Shaman project Crypto Shaman Vadim Shovkun.

In a recent обзоре, it was noted that Ethereum better reflects the situation in the crypto market. It is worth considering the second cryptocurrency across different timeframes.

On the monthly chart, one can highlight colossal volumes on Binance that were generated by liquidations. The RSI indicator is in the oversold territory. 

There is significant resistance for the asset in the $2000-$2600 zone, where two major consolidation areas lie.

On the two-hour timeframe, one can outline a rough range of future consolidation at $1000–$1260. A squeeze has formed with potential to move toward about $1300.

Further upside in the second cryptocurrency is expected. But that does not mean Ethereum will rise to $2,500 from current levels. In the vicinity of about $1,300, there is a high probability of a return to the range, followed by accumulation and a move higher over the coming weeks.

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