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The Ethereum price following a sideways path since last week, struggling to break above the $1230 resistance. The daily chart shows multiple short-body candles with price rejection on both sides, indicating indecisiveness among participants. However, under the influence of a bullish pattern, the price is likely to hit the overhead trendline near $1350. Here’s how this bullish may influence Ethereum’s near future price.
Source- Tradingview
Ethereum Price Forming A Bullish Pattern
The Ethereum price steadily falling for the past five months has revealed the formation of a falling parallel channel pattern. This pattern showcases itself as an established downtrend as lower resonating between two parallel descending trendlines.
However, in theory, this is a bullish continuation pattern as it provides a direction rally upon the breakout of its resistance trendline. This potential breakout will signal an early sign for price recovery and offer entry opportunities to interest traders.
An ideal target after the breakout of the overhead trendline will be the $2000 mark.
$1000 Stands As Crucial Support
Following the April-to-June bloodbath, the Ethereum price witnessed strong support from the $1000 mark. This psychological support aligned with the 0.786 Fibonacci retirement level accentuates this level as a high accumulation zone.
Thus, amid the ongoing downfall, the Ethereum price may revisit this support level, offering a discount opportunity to potential buyers.
Relative Strenght Index
The Relative Strenght index(RSI) evaluates the speed and magnitude of the coin’s recent price action to illustrate the underlying strength of the ongoing trend. Therefore, despite the falling prices, the weekly-RSI slope is moving sideways, indicating the buying pressure is growing at the bottom support.
Thus, this bullish divergence increases the chances of overhead trendline breakout and potential price recovery.
Current Price Action
The Ethereum price’s recent bullish reversal from the pattern’s support trendline has triggered a new bull cycle. However, amid the ongoing uncertainty in the crypto market, this altcoin is stuck at the doorstep of $1230.
The ETH price currently trades at $1215 price, with an intraday loss of 1%. A daily candle closing above the $1230 mark will replenish the bullish momentum and encourage prices to rechallenge the overhead trendline.
- Resistance Levels: $1230 and $1400
- Support Levels: $1100 and $100
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