Sign Up on MEXC
Over the past two weeks, the Ethereum price has consolidated in a narrow range reflecting the lack of conviction from buyers and sellers. However, in the bigger picture, the coin price shows the formation of a famous bear continuation pattern a rising wedge. Under this development, the ETH price is currently under a bear cycle within the pattern which projects a longer correction phase in the near future.
Also Read: Ethereum Client Releases Major Upgrade To End PoW Support, ETH Price Jumps
Ethereum Price Daily Chart
- The Ethereum Fear and Greed Index at 47% accentuates a neutral sentiment among market traders
- A breakdown below $1700 support will signal the resumption of the prevailing downfall.
- The intraday trading volume in Ether is $6.4 Billion, indicating a 0.14% loss.
Source- Tradingview
During mid-April, Ethereum price turned down from the resistance trendline of the wedge pattern and initiated a new bear cycle. From the peak of $2138, this downfall tumbles the prices by 15.48% to reach the current price of $1798.
However, with the growing indecisiveness in the crypto market, the ETH price hit a minor roadblock at $1740-$1714 support and turned sideways. Under the influence of the chart pattern, the overall setup favors a potential downfall, and therefore, the current consolidation could be a temporary detour.
Thus, if the bearish momentum is recuperated, a breakdown below $1714 support may drive the 18.5% down to hit the support trendline at $1400.
Anyhow, the coin holders can keep an overall bullish sentiment until the pattern’s lower trendline is intact.
Will Ethereum Price Poke $1400 Support?
If the ongoing consolidation phase in Ethereum price resulted in sellers’ favor with the breakdown of $1714, coin holders are likely to witness a longer correction to the $1400 mark. The potential downtrend could experience a major blockade at $1500 psychological support.
- Bollinger Band: A downtick in the upper band of the BB Indicator projects increasing selling momentum and an extra edge on short-selling opportunities.
- Relative Strength Index: The RSI slope plunge below the 60% barrier reflects additional confirmation of a downswing move.
- Tom Lee’s BitMine Boosts Ethereum Treasury by $1.87B, Now Holds 2.151M ETH
- Breaking: Forward Industries Buys $1.58B in SOL to Launch Solana Treasury
- Breaking: Strategy Adds 525 BTC as Michael Saylor Says Bitcoin Deserves ‘Credit’
- $200B Texas Teachers Retirement Fund Discloses $25M Bitcoin via MSTR Stock as Strategy Outperforms ‘Mag 7’
- Experts Predict Bullish Shift for Dogecoin as Open Interest Crosses $6B
- Trump Coin Price at Risk of a 16% Dive as Open Interest, Whale Selling Intensify
- Hype Price Prediction Gains Momentum — Is USHD Launch the Fuel for $72 Target?
- Bitcoin Price Prediction: Q4 Rally Looms as ETF Inflows Hit $642M—Analyst eyes $150K
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
