Ethereum Price Analysis: Rising Wedge and Double-Bottom Patterns

Author: Yashu Gola

Published: July 24, 2026

Key Points

• Ethereum (ETH) is at risk of a 15% correction towards $1,600 if it breaks below the support zone of $1,830–$1,850.
• A competing double-bottom pattern suggests a potential upside target near $2,186, contingent on holding above the neckline at $1,837.
• To bolster the bullish outlook, ETH must surpass its 100-day EMA around $1,935.

Current Market Overview

As of July 24, 2026, Ethereum is trading near $1,890, having rebounded approximately 25% from a June low of $1,510. However, this recovery has formed a rising wedge pattern, which typically indicates weakening bullish momentum.

Rising Wedge Analysis

The rising wedge is characterized by two ascending, converging trendlines. This pattern suggests that while prices are making higher highs and higher lows, the range is narrowing, indicating a potential reversal. A confirmed breakdown occurs when the price closes below the lower trendline with increased trading volume, potentially leading to a decline towards $1,600–$1,605, marking a 15% drop from current levels.

Additionally, the Relative Strength Index (RSI) has dipped below its moving average after nearing the 60 mark, indicating that upward momentum may be waning.

Double-Bottom Pattern as a Bullish Alternative

In contrast to the bearish wedge outlook, a double-bottom reversal pattern is also forming. This pattern emerged from two comparable lows around $1,510 in June, with a recovery above the neckline at approximately $1,837. Maintaining this level is crucial for the double-bottom structure to remain valid.

Using traditional technical analysis, the upside target for this pattern is calculated by adding the distance from the neckline to the bottoms, projecting a target price of around $2,186. This target aligns closely with the 200-day EMA, which is situated near $2,188, indicating a significant resistance zone.

Resistance Levels

ETH faces notable resistance at the 100-day EMA near $1,935. A failure to break above this level could invalidate the double-bottom scenario, increasing the likelihood of the bearish wedge pattern materializing.

Conclusion

Ethereum's current price action presents a complex scenario with both bullish and bearish patterns at play. Traders should closely monitor the support and resistance levels outlined to navigate potential price movements effectively.