The Ethereum coin price has been stuck in a minor consolidation phase for the past three weeks, stretched from $1677 to $1500 levels. The coin currently trades at $1649 and continues to face rejection from the $1677 barrier. This overhead selling pressure may encourage a prolonged correction, but the narrow range being part of a cup and handle pattern keeps the bullish trend intact.
Key Points: 

In theory, the cup and handle pattern is a famous bullish reversal pattern offering a significant bull run upon the breakout of its neckline resistance.
The RSI indicator value still wavering above the midline indicates the market sentiment remains bullish.
The intraday trading volume in Ether is $5.8 Billion, indicating a1 3.2% loss.

Source- Tradingview
The last three months’ price action in Ethereum coin price has shown the formation of a cup and handle pattern. It is displayed a steady u-shaped recovery, ‘cup,’ followed by a minor consolidation shaped, ‘handle.’. As mentioned above, the ETH price is currently stuck in a minor consolidation or, say, handle portion.
On February 2nd and 4th, the daily chart showed higher price rejection at the $1677 barrier indicating the sellers continue to defend this resistance. Thus, if the selling pressure, the Ethereum price may revert from this resistance and continue to consolidate in a narrow range.
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Thus, the traders looking for an entry opportunity should wait for the Ethereum price to break the $1677 neckline resistance. A daily candle closing above the mentioned ceiling would release the trapped bullish momentum.
In a favorable bullish scenario, this breakout could drive ETH price to potential targets of $1800, $2000, or $2300.
On a contrary note, if the ETH breaks $1500 amid this consolidation, the coin price may enter a correction phase.
Technical Indicator
RSI: the falling daily-RSI slope hints at the exhaustion of bullish momentum and encourage the prolonged sideways trend.
EMAs : the 50-and-200-day EMA assembled at the $1500 mark creates a high area of interest zone coin buyers.
Ethereum Coin Price Intraday Levels-

Spot rate: $1656
Trend: Bearish
Volatility: Medium
Resistance level- $1680 and $1800
Support level- $1500 and $1370

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