After a phase of consolidation and correction, Ethereum’s price has recently arrived at the crucial support level of the 50-day moving average. However, it is currently going through a tight price range between the 50-day MA and the significant resistance level of $2K.

Analyzing the daily chart, the price previously formed a higher-high pattern before experiencing a significant decline. The 50-day moving average acted as a support level at $1.8K, leading to substantial volatility in lower timeframes and a significant shadow in the daily chart.

At present, ETH is confined within a narrow dynamic range between the 50-day moving average, which is currently at $1847, and the significant resistance region of $2K.

If the price manages to surpass the resistance of $2K and its prior swing at $2.1K, it could potentially trigger an extended rally. Conversely, if it falls below the 50-day MA, the 100-day moving average at $1.7K will become the primary support level.