Anticipating Ethereum's Next Move After its Remarkable 50% Monthly Increase

Following a notable rally, Ethereum is presently consolidating just under a crucial resistance zone. The digital asset's price is trapped between the 200-day and the 100-day moving averages, with a breakout in either direction potentially signalling a significant new trend. Ethereum's Relative Strength Index (RSI) suggests a likely correction in the near future.

On the 4-hour chart, despite showing signs of momentum weakening, there is a slight uptick signaling a slow shift in favor of buyers. However, for a meaningful rally to commence, a forceful breakout from the current channel is required. Ethereum's open interest has also seen a sharp increase, suggesting a buildup of leveraged long positions.

This could either indicate strong bullish sentiment or risk of a liquidation-driven pullback if a clear breakout does not occur.