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…