ETH Technical Analysis: Failed Bull Cycle Consolidates in Bear Channel

The ETH technical analysis displays a bullish failure to start an uptrend within the falling channel leading to consolidation at the $1250 support level. The ETH price action highlights a falling channel in the daily chart leading to the $1500 support level fallout coinciding with the 50% Fibonacci level. Currently, the price action displays a consolidation face at the $1250 base with multiple higher price rejection candles near the overhead resistance of $1365. However, the recent 3.6% jump in the Ethereum market value leading to a bullish candle with the spike in trading volume teases a bullish breakout. Key Points: The Ethereum price action shows higher price rejection from the 50-day EMA. The increase in buying pressure teases a bullish breakout. The intraday trading volume in Ethereum is $9.624 Billion. Source-Tradingview ETH Technical Analysis The ETH price action displays a long coming declining trend Leading to a falling channel pattern. The bearish pattern accounts for a price drop of 37%, leading to the fallout of the $1500 mark. The recent bull cycle fails to gain momentum from the support trendline leading to a consolidation phase at $1250. Furthermore, the higher price rejection candles near $1365 project a high supply pressure above the consolidation range. Currently, the price action displays a 1.26 % jump as a follow-through of the 3.67% bullish candle formed yesterday. Moreover, the intraday trading volume spi...