ETH/USD pair is off the fresh all-time highs of $3,984, holding on to the record run, as the bulls take a breather before the next push higher.
The renewed bearish sentiment across the crypto board seemingly checks the upside in the Ethereum price just as Bitcoin faces rejection once again near $60,000.
the four-hour ETH/USDT chart shows that the price is holding the higher ground, consolidating the massive $500 increase seen on Saturday.
The ETH price bulls went onto clinch fresh record highs earlier on, although lacked additional vigor, as the relative strength index peeped into the overbought territory.
The overbought conditions of ETH, however, are not overstretched, suggesting that there is likely more room for an upside rally for the ETH price.
Therefore, the ETH price could race past the $4000 barrier on a sustained basis, in order to reach the rising wedge pattern target at $4220.
Note that Ethereum confirmed a rising wedge upside price break on the said time frame during American mid-morning on Saturday.
Despite the technical analysis offering an upbeat outlook, the buyers could be wary of creating fresh positions after the recent ETH upsurge, which could trigger a fresh pullback in the rates towards the pattern resistance now support at a price of $3705.
A failure to defend that support level could expose the bullish 21-simple moving average at $3,598.
If the downside pressure intensifies and the initial pattern support at a price of $3517 caves in, it could invalidate the rising wedge breakout, calling for a reversal pattern of the uptrend in the near term.
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