TA: Ethereum Consolidates Below $2600: What Could Trigger A Sharp Increase

Ethereum is consolidating below $2,600 against the US Dollar. ETH price must clear $2,600 and $2,620 to start a major increase in the near term. Ethereum is still struggling to clear the $2,600 and $2,620 resistance levels. The price is now trading below $2,600 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $2,590 on the hourly chart of ETH/USD (data feed via Kraken). The pair must gain strength above $2,620 to stat a steady increase in the coming sessions. Ethereum Price Approaches Breakout Ethereum remained below the key $2,600 and $2,620 resistance levels. However, ETH was also well bid above the $2,500 support level. The recent high was near $2,595 before the price declined below $2,550. It traded as low as $2,538 and is currently consolidating losses. It is now trading below $2,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,565 level. The 50% Fib retracement level of the recent decline from the $2,595 swing high to $2,538 low is also near the $2,565 level. Besides, there is a major contracting triangle forming with resistance near $2,590 on the hourly chart of ETH/USD. An intermediate resistance is near $2,575 and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the recent decline from the $2,595 swing high to $2,538 low. Source: ETHUSD on TradingView.com Ether price must...