Ethereum (ETH) price faces a strong consolidation zone at a range around $2,000; however, technical indicators suggest a bullish momentum ahead. The majority of the crypto market is currently showing no movement in the last few days amid the uncertainty in the financial market and the global oil crisis. Despite the dip, BitMine has reportedly acquired 40,000 ETH tokens from FalconX, whose cumulative worth is around $82.07 million at the current market value.
On Saturday, the Ethereum (ETH) price remained in the consolidation zone at around $2,000. While it's been a long time since the cryptocurrency caught in this range, historical data suggests that it might be preparing for another breakout in the long-term. At the time of writing, the Ethereum (ETH) price is revolving around $2,054.42 with a 0.16% surge on a daily chart.
According to Tom Lee, Chairman of Bitmine, "As the Iran war enters its 5th week, ETH and crypto outperformed the broader market with ETH outperforming equities by 1,160bp. This is a marked contrast to Gold (a traditional store of value), which has underperformed by more than 750 basis points." Ethereum is currently holding the bullish pennant pattern, and even if ETH drops to $1,500, the bullish pennant remains intact because higher timeframes are still pointing to a bullish outlook.
