ETH/USD Daily Chart (Coinbase) – Source: TradingView

The $2,100 level was the line in the sand for buyers at this point and the price seems to be eyeing a retest of the $2,700 – $2,800 area after this bounce.

All of ETH’s moving averages we observe regularly (9, 21, and 200-day EMAs) have converged, meaning that the price has entered a stage of consolidation/accumulation ahead of its next move.

Whatever comes next would be critical to determine where ETH could be heading in the next few weeks as deep-pocketed players seem to be amassing big volumes at this level.

If the price breaks above this key resistance at $2,800, we could witness a big move toward the $4,000 level to retest ETH’s all-time high, which would be consistent with Bitcoin’s behavior.

Meanwhile, a break below $2,100, which seems highly unlikely at the moment unless some black swan event pops up, could push ETH to $1,750.

The most likely scenario at this point is that ETH continues to consolidate for a while between this tight range before a solid breakout.

Golden and death crosses of moving averages are not too reliable right now as the direction of the current price trend is yet to be determined.

Heading into the weekend, the hourly price chart shows that ETH broke below a key area at $2,500 and the downtrend could accelerate during the weekend if the price fails to recapture this level over the next few hours.