Waiting for Breakout Amid Stable Trading Range

Ethereum has shown stable prices recently, with no significant changes. The price has hovered around $1,650, and trading activity has been low. To see a shift in the pattern, we need to wait for the price to convincingly break the upper limit of its recent trading range. This breakout is expected to occur around the $1,702 mark, specifically within the 1 Fibonacci area on the 4-hour chart.

In the short term, there's a chance that Ethereum might drop below the lower boundary of this trading range, potentially reaching levels around $1,625. If this drop is met with enough support from buyers, it could pave the way for a price increase afterward.