Can the New Relief Rally Push Ethereum Coin above $1500?

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ETH Price Prediction: The increasing FUD in the crypto market has led the Ethereum coin to the formation of a megaphone pattern. In theory, this pattern formation itself is a sign of high volatility as the asset price shows increasing swing highs within the diverging trendlines. Amid the recent sell-off, the ETH price plunged back to the pattern’s lower support trying to recuperate bullish momentum.

Key Points: 

  • A bullish reversal from 0.5 FIB support encourages the Ethereum price to revisit the $1500 flipped resistance. 
  • A potential death crossover between the 50-and-200-day EMA 
  • The intraday trading volume in Ether is $8.6 billion, indicating a 42% loss.

ETH Price PredictionSource- Tradingview

On March 11th, the Ethereum coin price rebounded from a highly concentrated support zone consisting of technical levels such as a 0.5 Fibonacci retracement level, a support trendline, and a horizontal level of $1420 using a morning star candle pattern. A bullish reversal from strong support with a bullish candle structure encourages the ETH price for a significant recovery.

Moreover, as per the technical setup of the megaphone pattern, a price reversal from the lower trendline triggers a new bull cycle to revisit the above trendline. Thus, Ethereum price is set for a potential upswing that could surpass the $1720 peak.

However, considering the overall negativity in the crypto market, potential buyers should be cautious of the overhead resistance of $1500. These round-number price levels often act as strong psychological resistance or support to an asset’s price

Also Read: What Is Regenerative Finance (Refi) And Who Is It For?

On a contrary note, a bullish breakout from the $1500 resistance will give buyers additional confirmation to raise the coin price higher.

Technical Indicator

EMAs: The 100-day EMA slope moving near the $1500 mark strengthens the resistance power of this level.

RSI: The daily RSI slope moving low in bearish territory indicates the overall market sentiment is strongly negative.  

Ethereum Coin Price Intraday Levels-

  • Spot rate: $1456
  • Trend: Bearish
  • Volatility: Medium
  • Resistance level- $1500 and $1660
  • Support level- $1420 and $1340

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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-can-the-new-relief-rally-push-ethereum-coin-above-1500/