Ethereum Price Analysis: Will Megaphone Pattern Trigger a New Recovery Cycle to $2200?

Ethereum Price Analysis: Amid the increasing FUD in the crypto market, the Ethereum price correction phase stalled at the support of the megaphone pattern near the $1830 mark. This support was expected to bolster buyers for a bullish reversal, but the price trend turned sideways. The consolidation reflects a weakness in bullish momentum as buyers fail to push the altcoin higher despite obtaining strong support. Will ETH price rebound to $2000 or the correction phase may prolong below $1800?

Also Read: Ethereum Price Charts Signal Buy The Dip Opportunity Ahead

Ethereum Price Daily Chart

• The price range between $1890 and $1830 creates a no-trading zone.
• A bullish breakout from the $1890 resistance would trigger a new recovery cycle within the megaphone pattern
• The intraday trading volume in Ether is $4.8 Billion, indicating a 48% gain.

Source- Tradingview

On July 24th, the Ethereum price witnessed a 2% intraday fall and reached the bottom trendline of the megaphone pattern at $1830. Since then the price trend turned sideways and remained within the range of the aforementioned red candle. 

The $1890 resistance and $1830 support are the crucial levels that can influence the near future trend of ETH coins. Currently, the second-largest cryptocurrency Ethereum trades at $1868, with a bullish candle of 0.3% gain.

If the overhead supply continues to pressure the market participants, a breakdown below the pattern support trendline and $1830, will increase the selling momentum. The breakdown may. pull the price to $1800 support, registering a potential 4% drop.

The anticipated pullback to $1800 can allow interested traders to accumulate at the support trendline carrying the current uptrend.

[converter id=”eth-ethereum” url=”https://coingape.com/price/converter/eth-to-usd/?amount=1″]

Here’s How ETH Price May Regain $2000 Mark

For Ethereum price to regain its bullish recovery, the buyers need to break the overhead resistance of $1890. This breakout will indicate the microphone pattern is still intact and the bull cycle within this structure could lead Ethereum price near $2200.

• Bollinger band: The lower support of Bollinger band moving sideways could offer strong support for crypto buyers.
• Moving average convergence divergence: the MACD(blue) and signal(Orange) lines going flat at the median level indicate uncertainty traders.