The Ethereum price currently has ranged beyond $1200, reentering the bullish ascending channel. After a huge fakeout, the second largest crypto is expected to maintain a firm upswing to leap beyond $1400, but a massive re-distribution phase is all set to begin shortly. This phase may drop the price hard that may keep up the lower targets below $900 well in place.
The asset has been surging pretty high, despite the fresh inflation rates recorded new highs. However, the ETH price rally has been pretty weak for the past 6 to 8 weeks and has been swinging within a distribution phase. The asset is trending within a parallel consolidation and heading towards the upper resistance after a firm flip from the lower bottoms.
No doubt the prices may gain significant bullish momentum and head close to $1270, but the bears are likely to push the prices lower. The asset is expected to get rejected just below $1300 as S/R was re-tested and produced weak bounces.
A final bounce is possible before a new dump where a noteworthy sequence of lower highs may be set in place. Therefore, a plunge of 30% to 35% correction is much possible next in the upcoming days.
The correction may carry on for 4 to 8 weeks in July and August 2022, with a final target for the bears could be around $850 to $900. The Ethereum (ETH) price pattern currently displays a minor upswing but the asset could face rejection soon.
Mainly due to this reason, the MACD displays ease in the buying volume. On the other hand, RSI in the long-term is climbing and hence one can expect an interim jump until the weekend.
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Source: https://coinpedia.org/price-analysis/ethereum-re-distribution-on-the-horizon-eth-price-primed-to-plunge-35-soon/