ETH/USD Forecast: Ethereum Bounces Around Same Rectangle

The Ethereum market continues to bounce around while it is looking for some type of directionality. At this point, I think the market is more likely than not going to continue to be noisy, but even if we break out at this point in time, it’s very unlikely that we will see the trend change. Yes, there are some people out there excited about the idea of the merge moving into the forefront in September, but quite frankly we have heard this story before.

Regardless, this is a market that I think will eventually find reasons to go higher, but we may have further negativity in the short term. At this point, the $1000 level underneath is massive support, while the $1250 level is significant resistance. In other words, we are essentially stuck in a $250 trading range at the moment. As long as we stay in this range, I don’t think we have anywhere to go. However, if we were to break out above it, then we might have a short-term run to the $1500 level or so based upon the “measured move.”

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