Ethereum Price On The Verge Of Rectangle Pattern Breakout: Is $2000 Within Reach?

2023-07-12 01:09:45

Over the past few days, the Ethereum price has remained relatively stable, with minor gains seen on the daily chart. Meanwhile, Bitcoin’s indecisiveness has resulted in slower movement for altcoins.

Despite this, Ethereum has risen on its chart, although the technical outlook suggests low demand and accumulation due to reduced buying strength.

Despite the fall in buying strength, buyers still hold an advantage over sellers in the market. However, if Ethereum fails to move above its immediate resistance, the coin may retrace on its chart, potentially falling below its local support level and activating bearish sentiment.

Investors are now looking ahead to the release of US CPI data, which analysts predict will significantly impact the market in the coming weeks. The market capitalization of Ethereum has fallen slightly, indicating slow demand for the altcoin.

Ethereum Price Analysis: One-Day Chart

Ethereum was priced at $1,870 on the one-day chart | Source: ETHUSDT on TradingView

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