Ether price fluctuates between $3K and $3.7K, analyst Shayan predicts possible rise

According to analyst Shayan, despite Ether's price experiencing a prolonged period of sideways consolidation after falling to the key support level of $3K, the cryptocurrency appears to remain confined within a range between $3K and $3.7K, and is unlikely to see an increase in volatility unless it is able to break out in either direction. A full analysis of the daily chart reveals a prolonged sideways consolidation in Ether after finding substantial support near the $3K threshold. This area coincides with significant Fibonacci retracement levels at 0.5 ($3190) and 0.618 ($2972) as well as the key 100-day moving average at $2972. The convergence of these support levels pushed the ETH price rally towards the upper end of the $3.7K range. However, recent price action has met resistance near the upper limit of the range, suggesting the presence of sellers at this key point. Nonetheless, Ether remains in a sideways consolidation phase, with market participants expecting a bullish recovery aimed at breaking out of this key price range.