ETSY stock (ETSY) price showed a massive bounce and gained more than 15% in the last two trading sessions. Moreover, the double bottom pattern was noted on the charts, which has a neckline of $95. If this neckline is broken it would further extend the rally. In the last session, the stock opened with a gap up and formed a bullish marubozu candle which escaped above the 50 EMA, showing buyers acquiring momentum.
The price action shows that ETSY stock ended the correction phase and is willing to retest the round level of $100. Furthermore, buyers started to accumulate the stock and make fresh long positions. Moreover, the trading volume also showed a spike, showing investors’ interest and that the demand for the stock had increased.
Based on the bounce in the previous sessions, the chart structure shows a positive outlook, and buyers lead from the front.
Etsy Inc. operates a top-10 e-commerce marketplace operator in the U.S. and the U.K., with sizable operations in Germany, France, Australia, and Canada. The firm dominates an interesting niche, connecting buyers and sellers through its online market to exchange vintage and craft goods.
With $13.5 billion in 2021 consolidated gross merchandise volume, the firm has cemented itself as one of the largest players in a quickly growing space, generating revenue from listing fees, commissions on sold items, advertising services, payment processing, and shipping labels.
At press time, ETSY stock is trading at $93.71 with a massive intraday gain of 9.18%. Moreover, the intraday trading volume increased by 12.25% to 6.238 Million. The market cap of ETSY stock is $11.559 Billion.
Will ETSY Stock Reach $100?
On the daily charts, ETSY stock was in a downtrend from the start of 2023 but did not show signs of a trend reversal. It has achieved its highest two-day gains since 2022.
JMP securities analyst Nicholas Jonas has maintained a outperform rating on the stock with a price target of $130. Moreover, the stock has escaped the selling zone and entered the neutral region above $90.
As per the Fib levels, ETSY stock is near the 23.6% level at $96. Popular indicators suggests more buying could be witnessed.
Short Term Charts Show Massive Buying Pressure
ETSY stock showed a massive bounce and maintained a strong grip above $90. This incremental move trapped sellers, who are covering their positions.
The RSI curve flew above the overbought zone near 75 and showed a positive crossover, showing a massive breakout on the charts.
The MACD indicator showed increased momentum, and green bars with a bullish crossover were noted in the previous session.
Conclusion:
ETSY stock has finally ended the correction phase and rebounded from the base near $80. Furthermore, buyers accumulated the stock and were willing to take a shot at $100.
Technical Levels:
Support Levels: $88
Resistance Levels: $96 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/12/etsy-stock-nasdaq-etsy-price-accumulated-from-the-bottom/