ETHEREUM PRICE ANALYSIS CMP-$1860: Will the consolidation going on?

Ethereum holds $1,800 support against the US dollar.

Yesterday, Ethereum breached the megaphone pattern, but the price swiftly turned around and re-entered the pattern, with active bulls near the $1800 support.

On The Daily Chart:

On July 24th, Ethereum experienced a 3% intraday decline, with support found at $1830, aligning with the bottom trendline of the megaphone pattern. Subsequently, the price entered a sideways phase, trading within the range of the previous red candle. However, at the start of the new month, ETH broke below the megaphone pattern. Despite this, robust buying pressure emerged near the $1800 support, causing a reversal and propelling the price to reach a peak of $1880. Currently, the price is encountering resistance around the $1890 level, leading to a partial retracement of recent gains.

On The 4-Hour Chart:

Following a prolonged consolidation phase, Ethereum successfully breached the Megaphone pattern, with bullish support evident near the $1800 level. A Hammer pattern emerged close to the bottom of the megaphone, resulting in a price rise and surpassing the $1850 level. Nonetheless, the Bulls are encountering resistance around the 100-day Moving Average (4-hours).

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $225,423,663,885. The projected 24-hour trading volume is estimated to be around $7,694,879,289.

KEY LEVELS :

RESISTANCE LEVEL : $1,890-$1,930

SUPPORT LEVEL : $1,830-$1,800

Is it possible for Ethereum's price to dip below the $1800 support level following the breakout of the Megaphone Pattern amid the current uncertain market conditions? Moreover, could the anticipation of crypto buyers preparing for a potential upswing result in heightened ETH purchases in August? We'd love to hear your insights in the comment section.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.