Ethereum price after breaching the crucial resistance levels at $3640, headed strongly towards the next levels at $3859. It seemed that the asset may hit $4000 soon, but initiated with a narrow trend along with $3800. No doubt the ETH price attempted to hit higher highs, yet turned out to be a fake-out.
Moreover, the asset also experienced a price drain which dragged the price back into the resistance flipped into support levels. Luckily, the asset managed to rebound before entering the zone and again coiled up around $3800. The decrease in the volatility in the past couple of hours points out towards the accumulation before pulling the next leg up.
The parallel channel trend of ETH price is visible in both the daily and the hourly chart. The narrow trend is influencing the price to remain low-key. However, the trend and the market sentiments both are pretty bullish and have no signs of a dump or correction in the short term. If in case the asset undergoes a downtrend, then the lower support levels at $3700 would hold the price tight and provide enough boost to propel high.
As said, the Ethereum price is attempting to attain higher highs but with a lowered pace and reducing large spikes. And hence a breakout from these levels could appear without recording huge green candles. If in case, the ETH price slides down, then a notable flip could be in place at $3800 or else the strong support levels at $2785 may hold tight.
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