Ethereum experienced a decline below the $2,000 level against the US Dollar, failing to sustain its position. A potential resurgence in ETH's value might occur if there is a breakthrough above the $1,950 threshold.
During July 13, the price of Ethereum surpassed a significant weekly resistance level of $1,966, indicating a continuation of the upward trend. However, it encountered immediate selling pressure near the psychological resistance level of $2,000 and subsequently dropped below $1,966. This unsuccessful breakout implies that the recent rally was primarily influenced by market sentiment rather than the inherent strength of the coin. Consequently, it is possible for the ETH price to experience a slight pullback before resuming its recovery trend.
The bullish trend in the Ethereum price is currently governed by a rising channel pattern observed on the 4-hour chart. The support trendline within this pattern serves as a suitable level for accumulation, but if sellers manage to breach below it, it could lead to a change in sentiment. The current recovery cycle is anticipated to reach the upper trendline as influenced by this pattern. Additionally, on the 4-hour chart of ETH/USD, there is a significant bearish trend line forming with resistance near $1,900.
According to Coingabbar Price Analysis, the market capitalization of ETH is approx at $232,047,519,307. The 24-hour trading volume is expected to be $4,721,490,828.
KEY LEVELS :
RESISTANCE LEVEL : $1,950-$1,980
SUPPORT LEVEL : $1,900-$1,860
Is the rising channel pattern truly governing the bullish trend in the Ethereum price? Can we rely on the support trendline as a suitable accumulation level and a potential sentiment changer if seller's breach below? Will the current recovery cycle truly reach the overhead trendline near the $2400 mark? Please share your views in the comment box below.
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.
