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Ethereum Price Analysis: Amid the mid-June recovery, the Ethereum price rebounded from the support trendline of the rising channel pattern. Over the past seven months, the price has bounced back several times from this support indicating an active accumulation level for buying. Here’s how this pattern could further influence the ETH price.
Also Read: Bitcoin (BTC) Set For $35000, Ethereum (ETH) Above $2000 As US CPI Inflation Falls
Ethereum Price Daily Chart
- The $1827 level stands as a strong support to maintain a bullish recovery.
- The rising channel pattern governs the current recovery rally in Ethereum
- The intraday trading volume in Ether is $4.85 Billion, indicating a 20% gain.
Source- Tradingview
Over the past four weeks, the Ethereum price has gained 16.4% as it rebounded from the $1624 support. However, recently the recovery rally has started showing a loss of momentum and is struggling to surpass the $2000 psychological barrier.
Currently, the ETH price trades at $1890 and is trying to sustain above the $1827 support. Despite the recent correction, the buyers maintain a higher low formation indicating the Dow theory for uptrend is not invalidated.
Under the influence of channel patterns, the second largest cryptocurrency is in a recovery cycle within the chart structure. Therefore, with sustaining buying, the coin price could see gradual growth to reach the upper trendline near $2400.
[converter id=”eth-ethereum” url=”https://coingape.com/price/converter/eth-to-usd/?amount=1″]
What if Ethereum Breaks $1824?
In case, the market sentiment shows no improvement in the coming days, the breakdown below $1824 will trigger a sign of significant correction. A potential downfall could plunge the prices back to $1750 aligned with the channel pattern’s support trendline. Until this support is intact the market participants can maintain a bullish outlook.
- Exponential Moving Average: The daily EMAs(20, 50, and 100) moving below the ETH price reflect multiple support to sustained bullish rallies.
- Directional Movement Index: A bullish crossover state in DI+(blue) and DI-(orange) reflect the buyer’s attempt to rise higher
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