For nearly two weeks, the Ethereum price recovery has witnessed intense supply pressure around the $1830 mark. The multiple higher price rejection candles in the daily chart at this barrier reflect the sellers are aggressively defending the higher ground. However, despite the overhead supply pressure, the buyers preventing the asset from falling below the $1,750 mark indicate the bullish momentum is not completely exhausted.

Also Read: Solana Vs Ethereum: A Deep-Dive Analysis of Two Popular Coins

ETH Price Analysis: Dual Resistance Threatens for New Correction

• The flag pattern governs the current correction trend in the Ethereum coin.
• A bullish breakout from the overhead trendline could set a rally beyond $2000
• The intraday trading volume in Ether is $6.7 Billion, indicating a 5.9% loss.

Source- Tradingview

The Ethereum price recovery faces a formidable hurdle at the $1,850 level, coinciding with the upper trendline of a bullish flag pattern. Amid the prevailing uncertainty emanating from the Bitcoin price consolidation, the ETH price has been trading sideways for over a week. 

Although sellers have attempted to take advantage in this market flux, the buyers have been steadfast in maintaining a floor at $1,750. Consequently, the coin price oscillates between this support level and the overhead trendline. 

A decisive breakout or breakdown from this range will offer a clearer outlook for near-term price action. Should the market supply pressure intensify, a drop below the $1,750 level could instigate a significant correction, maintaining the asset within its current flag pattern. 

In such a scenario, the Ethereum coin could potentially slide toward its lower trendline, currently situated below the $1,500 mark.

Is ETH Price Heading to $3000?

While the current market sentiments remain uncertain, the ETH price is strictly following the flag pattern formation, evidenced by the multiple rebounds within its trendline. In theory, this pattern is a bullish continuation pattern, and therefore it should bolster buyers to break above the overhead trend line. A potential breakout with a daily candle closing would accelerate the buying momentum and could surge the altcoin to a potential target of $2,292 followed by a $3,000 mark

• Vortex Indicator: The considerable gap between the VI+ and VI- slopes in a bullish crossover state confirms the recovery trend remains robust.
• Exponential Moving Average: An impending bullish crossover between the 20-day and 200-day EMA slopes could further intensify buying interest in this asset.

Share this article on: