Ether (ETH), the native token of the Ethereum blockchain, may endure a short-term pullback after confronting a major technical resistance area. At the same time, another bullish pattern suggests the price could ultimately rally by around 15% toward $2,100–$2,186.
Ethereum Megaphone Pattern Warns of Short-Term Pullback
Ethereum’s daily chart shows the price testing the upper trendline of its prevailing megaphone pattern near $1,900.
A megaphone forms when the price fluctuates between two diverging trendlines, reflecting growing disagreement between buyers and sellers. ETH briefly climbed toward $1,929 on Thursday before retreating below $1,900, suggesting traders were booking profits near the pattern’s upper boundary.
The rejection could initially send Ether toward its 50-day exponential moving average (50-day EMA, the red wave) near $1,810. A deeper correction would put the 20-day EMA (the green wave) around $1,781 in focus.
ETH’s daily relative strength index (RSI) has reached approximately 62 after recovering sharply from its June lows. The reading shows improving momentum but also leaves room for a near-term cooldown following the latest rally.
Losing both short-term averages would strengthen the bearish scenario. In that case, ETH could revisit the $1,600–$1,500 region before potentially declining toward the megaphone’s lower trendline near $1,400 later in July.
Ethereum Price Forecast
Every new Ethereum analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Ethereum forecastsETH Double Bottom Targets 15% Rally
A conflicting bullish scenario comes from a double-bottom pattern forming near $1,510.
A double bottom develops when the price establishes two similar lows before breaking above a shared neckline resistance. Traders typically view it as a bullish reversal setup.
Ethereum has moved above the pattern’s neckline zone near $1,817–$1,850 while reclaiming its 20-day and 50-day EMAs. Holding above this region would keep the breakout intact.
Adding the pattern’s height to the neckline produces a broad upside target of approximately $2,125–$2,186, or as much as 15% above current prices.
Before reaching the target, ETH must break above the 100-day EMA near $1,943 and the psychological resistance at $2,000.
A daily close below $1,817 would weaken the double-bottom breakout. Falling below $1,781 would further raise the likelihood that the bullish setup has failed, shifting attention back toward the megaphone’s lower support levels.
