Ethereum ETH price has consistently performed better than Bitcoin BTC in the recent past, but this outlook could be coming to an end. Investors can expect ETH price to trigger a correction to stable levels. Market participants should note that this is a short-term bearish pattern and will provide patient buyers a chance to accumulate the ETH for the long term.

Ethereum price shows weakness

Ethereum ETH price rallied 32% between October 21 to 29 and set up a local top at price of $1,663. This swift ascent has already produced a string of lower lows candle after October 29, but Ethereum is yet to produce a significant market structure shift by sliding below the October 28 swing low at price of $1,479.

The consolidation of ETH price from October 28 has resulted in a range, extending from $1,479 to $1,593 level. after a range high deviation, ETH price is currently hovering around the midpoint at $1,536. Interestingly, the Relative Strength Index (RSI) has slid below 50, which shows that the sellers are in control of the narrative.

Investors can expect ETH to sweep the range low at price of $1,479, which is the low-hanging fruit traders can take advantage of. However, a continued sustenance below this price could trigger a rebalancing of the inefficiency volume between $1,446 and $1,349.

Traders can be conservative and book profits at price of $1,389 and/or $1,364 support levels. This downward move in Ethereum ETH price would roughly constitute a 10% gain for the bears.

While things are looking dicey for ETH price, a persistence above the range’s midpoint at $1,536 level followed by a flip of the price of $1,633 hurdle into a support level will invalidate the bearish thesis.

This retaliative price move could indicate that the buyers in control and would likely propel ETH price to $1,708.

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