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ETH Price Prediction: Since last week, the Ethereum price has been resonating between the $1855 and $1700 levels, indicating a narrow range formation. This consolidation was initially expected to replenish bullish momentum but with the increasing FUD in the crypto market, the coin price continued a sideways trend. Here’s How interested traders can look for entry opportunities despite market uncertainty.
Key Points:
- A bullish breakout from $1855 will release Ethereum’s price in the current consolidation phase.
- A potential bullish crossover between 100-and-200-day EMAs may encourage buyers to restore prior recovery.
- The intraday trading volume in Ether is $6.69 billion, indicating a 29.5% loss.
Source- Tradingview
On March 17th, the Ethereum price recovery rally gave a massive breakout from the combined resistance of the downsloping trendline of the symmetrical triangle pattern and the monthly barrier of $1700.
Reclaiming such crucial levels, the buyers obtained a significant launchpad to prolong the ongoing rally. However, after an explosive rally, it is common for asset prices to consolidate or pull back and check stability at higher levels. Thus, the ETH price has been training sideways after hitting the $1855 barrier.
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Anyhow, this consolidation is temporary and has the purpose to recuperate the bullish momentum. Interested traders can look for an entry opportunity near $1700-1715 support as the price shows sustainability above them or wait for an $1855 breakout for additional confirmation.
In ideal bullish conditions, the completion of a symmetrical triangle pattern has set the Ethereum coin price to reach the $2800 mark.
Technical Indicator
RSI: A slight downward trend in the daily RSI slope indicates a weakness in bullish momentum. This bearish divergence suggests the ETH price may witness a longer consolidation phase.
Bollinger Band: the Ethereum coin price wobbling between the Bollinger band indicator’s upper band and midline indicates the buyers’ control trend movement.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1767
- Trend: Bullish
- Volatility: High
- Resistance level- $1855 and $2020
- Support level- $1700-1680 and $1420
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/eth-price-prediction-will-ethereum-price-gain-momentum-to-reach-2000/