Ethereum Price Consolidates as Cup and Handle Pattern Forms

Ethereum's price has been consolidating within a Fibonacci range between $1,837 and $1,939, with a descending trendline from the May peak continuing to cap recovery attempts.

The cryptocurrency is currently trading at $1,856.19, down 1.44% on August 3, with its 20-day EMA sitting just above as the immediate ceiling.

A cup and handle pattern has formed in the ETH/BTC ratio, with a breakout above 0.030 potentially signaling Ethereum outperforming Bitcoin in the near term.

Tanaka, an analyst, argues that Ethereum's scaling capabilities are not translating to higher gas fees or $ETH burn, instead positioning the asset as collateral and settlement infrastructure for institutional adoption.