Amid the rising FUD in the crypto market, the Ethereum price showed a slow yet steady downfall in the daily time frame chart. Within a month, this altcoin dropped from its July 14th peak of $2028 to its current price of $1850, registering a loss of 8.5%. However, a keen look at the bigger picture shows this correction is part of a long-term rally carried by a rising channel pattern.
A potential fall to a lower trendline will likely recuperate buying pressure and kickstart a new bull cycle within the pattern. In ideal conditions, a bullish reversal from the lower trendline will set the Ethereum price back to the upper trendline, wavering around $2500.