The Ethereum coin price recently gave its third retest to $3636 support, starting a new recovery in this chart. The price is currently trading at $3780, indicating a 4% gain from last week. The coin is still respecting the levels of a falling wedge pattern, and the crypto traders could wait for a breakout before entering a new position.
Ethereum Key technical points:
- The ETH coin chart shows a bearish crossover of the 20 and 50 EMA in the daily time frame chart
- The 24-hour trading volume in the Ethereum coin is $13.2 billion, indicating a 1.2% gain.
Source-Tradingview
Since we last covered an article on Ethereum coin, the pair has been resonating in a falling wedge pattern. On December 30th, the price bounced from the support trendline($3634 mark), charging back to the overhead resistance trendline.
This pattern usually provides an excellent long opportunity when the price breaks out from the resistance trendline. Anyhow, the crypto traders can maintain a bullish sentiment until the price sustains above the $3634 support.
The crucial EMAs(20, 50, 100, and 200) confirm an overall bullish trend as the ETH price is still moving above the 200 EMA. However, the ongoing retracement has led to a bearish crossover of the 20 and 100 EMA, which could attract more sellers to this coin.
The Flag Pattern Could Led ETH Price To Retest $3630 Support
Source- Tradingview
The coin chart indicates that this $3623 support level and dynamic resistance trendline are the two crucial technical levels currently causing the most impact on the ETH price. Once the price escapes these levels, the crypto traders can expect a strong directional move in this coin.
Furthermore, the recent recovery in Ethereum coin is traveling inside a flag pattern. Following this pattern, the price could break down from its rising support trendline and drop back to retest the bottom support.
The traditional pivot levels indicate the important horizontal resistance levels are $3848 and $4110. Moreover, the support levels are $3563 and $3360.
Disclaimer
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.
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Source: https://coingape.com/ethereum-price-analysis-eth-squeezing-to-outburst-a-new-rally/