Ethereum edges closer to a breakout that would be determined by this price level

Ethereum (ETH) is consolidating in its price action. Price is getting squeezed in from both sides by buyers and sellers. The highs are getting lower, and the lows are getting higher. A breakout looks imminent, and it will be critical to see if ETH can run up again toward the higher boundary at $3,391.

Since the rally upwards on August 7, ETH is stuck in a band between $3,018 and $3,391. And those levels look to hold quite well as we did not have any candle entirely below or above these markers. The reason for a  bullish breakout from the symmetrical triangle formation (orange dotted lines) is because price action can hold above the R2 monthly resistance. A bullish outbreak is, therefore, the most logical next step.

A bullish outbreak to come, and that will be the prelude of more upside

Once buyers can reclaim the upper side of the band at $3,391, expect again some resistance from sellers who will try to keep the range trade in play. The opportunity could be unfolding in favor of the buyers. If buyers can push above $3,391, expect stops from short sellers to be run. An attack to $3,600 is more than possible.

ETH/USD daily chart

The $3,600 level will act as a psychological level, and with $3,687 as the next resistance level marked up on the chart, expect price action to become very choppy around there. Running up toward there still holds 15% of profits for buyers that are stepping in now. 

If Ethereum gets a bearish break to the downside, expect a test of the lower band at $3,018. The same scenario where sellers push buyers out of their long positions and a return toward $2,800 and $2,695 is highly likely as these levels will act as the next port of support. It can not get more symmetrical, because sellers would be able to cash in 15% of profit if price action dips toward $2,695. This makes Ethereum look promising both ways.