The Ethereum price maintains a sideways trend below the support trendline of a megaphone pattern. Teasing a potential reversal, the altcoin price prepares an upcycle within the price pattern forming in the daily chart. So, with crypto buyers ready for a hike, should you consider buying ETH this August?
Also Read: Ethereum Price Rally Awaits This Bullish Pattern Confirmation
Ethereum Price Daily Chart
- The short-bodied candles in the daily chart reflect uncertainty among market participants
- A potential reversal from the support trendline sets the ETH price for a 10% upswing.
- The intraday trading volume in Ethereum is $29.5 Billion, indicating a 25% loss.
Source-Tradingview
Struggling to reclaim the uptrend momentum, ETH prices tend sideways close to a support trend line. Despite a bull pushing the lower trend, the buyers’ failure to rise higher indicates weakness in bullish momentum. Maintaining a higher high formation, the ETH price action hints at a modified megaphone pattern.
Moreover, in the larger picture, ETH price action maintains an uptrend in a rising channel. Therefore, the break down of the megaphone pattern can lead to another price fall to the bottom of the rising channel.
The lower support trendline carrying a bullish trend offers an opportunity to accumulate ETH at a discounted price.
1 ETH to USD = $1878.648 -0.1% (24h) TRADE
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What if ETH Price Breaks Support Trendline?
A high momentum bullish reversal from the support trendline could lead to a sharp recovery in Ethereum price, potentially crossing the $2000 barrier. However, if ETH continues to fluctuate under the $1900 mark, a bearish breakdown can drop the ETH price low to $1800.
- Moving Average Convergence Divergence: The MACD indicator displays a Bullish crossover in action projecting a potential Bullish bounce in ETH price.
- Relative Strength Index: The RSI indicator shows a sideways trend close to the halfway line reflecting a brawl between bulls and bears.