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
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.
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.
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