Since last month, the Ethereum price has resonated in the fixed range spread from $1680 to the $1500 mark. With the recent sell-off in the crypto market, the Ethereum price has returned to $1500 support, trying to replenish the exhausted bullish momentum. However, the U.S. Bureau of Labor Statistics released January CPI as 6.4% causing mixed sentiment in the crypto market.
Key Points:
The long lower price rejection candle at $1500 indicates the buyers are obtaining storing support.
The Ethereum price will trigger the aforementioned bullish pattern upon the breakout of the $1680 barrier.
The intraday trading volume in Ether is $10.8 billion, indicating an 18% gain.
Source- Tradingview
The Ethereum coin daily time frame chart showed the formation of a cup and handle pattern. This is one of the famous bullish reversal patterns that showcase a sign of sustained recovery in the market. Under the pattern influence, the coin price managed to surpass a crucial horizontal price level that bol
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