Amid the rising FUD in the crypto market, the Ethereum price showed a slow yet steady downfall in the daily time frame chart. Within a month, this altcoin dropped from its July 14th peak of $2028 to its current price of $1850, registering a loss of 8.5%. However, a keen look at the bigger picture shows this correction is part of a long-term rally carried by a rising channel pattern.
Also Read: Picking Ethereum for PayPal Stablecoin Was an ‘Easy Choice’- PayPal Exec
Earlier this week, the Ethereum price showed several higher price rejection candles near the $1875 mark. The high wicks candle signifies that traders are adhering to the prevailing bearish sentiment of engaging in selling when the price rallies.
Therefore, if the overhead supply persists, the ETH price is likely to fall another 2% and retest the long-coming support trendline of the channel pattern. In the last nine months, the price has already rebounded five times from this dynamic support indicating a high accumulation zone for buyers.
A potential fall to a lower trendline will likely recuperate buying pressure and kickstart a new bull cycle within the pattern. In ideal conditions, a bullish reversal from the lower trendline will set the Ethereum price back to the upper trendline, wavering around $2500.
While the anticipated bullish upswing could drive the Ethereum price to $2500, the buyer could face in-between supply pressure at $2020, followed by $2133 and $2450. However, the bullish sentiment will invalidate if the coin price breaks below the support trendline.
The Ethereum price remains steady near the $3,900 level after multiple failed attempts to reclaim…
Bitcoin price is hovering around $111,742, reflecting a 0.5% gain in the last 24 hours.…
Pepe coin price has remained under pressure despite renewed signals of investor repositioning in the…
HBAR price rose by 2.4% today, Oct. 24, mirroring the performance of the crypto market…
The Chainlink price has maintained steady traction near $17.6, with on-chain accumulation strengthening investor confidence.…
The Sui price has recently drawn investor interest after rebounding from a key demand zone,…