Ethereum price is consolidating lock step with Bitcoin price but the current hourly chart suggests the top altcoin could be staging another attempt at $260.


Ethereum Market Overview

After rallying more than 100 percent since April, Bitcoin price has taken a slight breather and Ethereum (ETH) appears to be doing the same.

Yesterday the market paused while waiting for the SEC’s decision on a Bitcoin-ETF and even though the unsurprising delay seems to have had little impact on price action, Bitcoin and Ethereum could trade sideways for a tad bit longer. Let’s have a look at the charts to see what the short-term outlook is.

ETH/USD 1-HR, 4-Hr Charts

Since dropping from a 2019 all-time high to $222.88 ETH price 00 is slowly gearing up to tackle $260. However, momentum halted as Bitcoin double-topped and dropped on 8.7 percent Monday.

Currently, ETH is tightening within a narrowing triangle and there is support at $240, $245 and resistance at $260 and $280. At the time of writing ETH is tightly riding along the 12EMA and the…

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Source: https://thebitcoinnews.com/ethereum-eth-getting-ready-for-another-shot-above-260/