Ethereum has been consolidating around key technical levels as the negative macro backdrop continues to weigh on the crypto market. Meanwhile, the geopolitical situation remains unchanged amid stalled US-Iran negotiations and the ongoing Saudi-Houthi conflict. Oil prices are back above the $100 level, the Federal Reserve can only get more hawkish amid higher inflation and growth concerns are starting to take centre stage. That’s a bad mix for risk assets like Ethereum. This week, the most important event will likely be the release of the US Flash PMIs on Friday, barring a surprising breakthrough in US-Iran negotiations. If the data disappoints, growth concerns will likely increase, and we could see another selloff in Ethereum. Better than expected data, on the other hand, might lead to a relief rally in the short-term but it wouldn’t change the bigger picture as it would just reinforce the need for rate hikes. ETHEREUM TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that Ethereumis consolidating around the major 2,360 support and the trendline. The buyers will likely continue to step in around these levels, with a defined risk below the trendline, to keep targeting the 3,400 level. The sellers, on the other hand, will want to see the price breaking lower to open the door for new lows and target the 1,900 level next.ETHEREUM TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a downward trendline defining the bearish structure. We can expect the sellers to continue to lean on the trendline, with a defined risk above it, to keep targeting a break below the major upward trendline. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into new highs, with the 2,570 level as the first target. ETHEREUM TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the buyers will continue to step in around the support and the upward trendline or wait for a break above the downward one to position for new highs, while the sellers will need a break below the upward trendline to open the door for ne lows. The red lines define the average daily range for today.UPCOMING CATALYSTSOn Thursday we get the latest US Jobless Claims figures, while on Friday we conclude the week with the Flash US PMIs. This article was written by Giuseppe Dellamotta at investinglive.com.