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Ethereum Price Analysis: Amid the ongoing uncertainty cryptocurrency market, the Ethereum price demonstrated a silent recovery within the diverging trendlines of the broadening channel pattern. This chart pattern formation itself is a sign of increasing volatility and the indecisive nature of market participants. Thus, a recent breakdown of this pattern’s support trendline reflects the upcoming drop in ETH price. However, is this reason enough to go bearish on the second-largest cryptocurrency?
Also Read: Ethereum Price Dump Incoming? ETH CEXs Inflows Hits 2-Month High
Ethereum Price Daily Chart
- A bearish breakdown from a lower support trendline sets the ETH price at a 6-7% drop.
- The $1800 support level coinciding with the long-coming support trendline keeps the overall Ethereum price bullish
- The intraday trading volume in Ether is $4.27 Billion, indicating a 1.6% gain.
Source- Tradingview
In the past fortnight, the Ethereum price experienced significant fluctuations within the diverging trendlines of the broadening channel pattern. On July 14th, the coin reached a high of $2024, but in a sharp turn of events, the value plummeted 7.8% and reached the current price of $1875. This steep downfall was characterized by a bearish breakdown from the wedge pattern’s support trendline, signaling a prolonged correction phase.
Following the bearish breakdown, the Ethereum price exhibited a slight recovery with an intraday gain of 0.48%. The sellers took the opportunity to retest the previously breached support trendline and seek a suitable resistance level to bolster further fall.
If the coin price sustains below the flipped trendline, the altcoin price could plunge another 5-6% to retest the combined support level at $1800, aligning with a long-standing support trendline.
ETH Price Long-Term Outlook Remains Bullish
Despite the anticipated downfall, the long-term bullish trend for Ethereum remains intact as long as the ascending support trendline persists. This dynamic stands as a stronghold for bulls, and a sustained hold above this support would suggest continued positive momentum for ETH Price. In the last seven months, the coin price has rebounded from this support several times indicating a suitable platform for accumulation.
- Average Directional Index: The downtick in the daily ADX slope indicates a drop in bullish momentum, but not a strong confirmation for sellers too.
- Bollinger Band: The flattish lower band of the Bollinger band indicator could offer significant support to crypto buyers’ increase and the possibility of a rebound.
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