Published 19 mins ago
In the weekly time frame chart, the Ethereum coin price showcased a completion of a symmetrical triangle pattern. During March’s third week, the coin price breached the pattern resistance trendline as a sign of trend reversal, followed by a consolidation phase which we witnessed in the last three weeks. This sideway trend allowed buyers to replenish bullish momentum and resume the prior recovery. Here’s how far the ETH’s next recovery rally may go.
Key Points:
- The Ethereum price gaining for three consecutive days surpassed the weekly resistance of $1855
- A bullish breakout from $1860 released the bullish momentum trapped within the last three weeks’ range formation.
- The intraday trading volume in Ether is $9.7 billion, indicating an 11.5% loss
Source- Tradingview
Over the last three weeks, Ethereum’s price resonated between the $1860 and $1700 levels as the retest phase of a symmetrical triangle pattern. Though this sideways trend was prolonged due to increased FUD in the crypto market, it also indicates that buyers are managing to sustain higher prices.
Thus, On April 5th, the ETH price gave a strong breakout from the $1860 weekly resistance signaling the resumption of the bullish rally. Today, the coin price is 2.33% up and shows a significant follow-up for a bullish breakout.
After a possible retest of the $1860 level, the buyers may drive the ETH price 5.7% higher to hit the next significant supply zone of $2022.
Also Read: Top 6 Liquid Staking Platforms On Ethereum
However, in response to the symmetrical triangle pattern, the coin price can witness a bull to the $2800 mark.
Having said that, the potential rally may face in-between resistances at $2022, $2320, and $2500.
Technical Indicator
RSI: a steady rise in the daily RSI slope into the bullish territory indicates sustained buying in the market.
EMAs: during the recent consolidation the ETH price showed sustainability above the 50 EMA slope projecting the buyers obtain dynamic support to extend a bullish trend
Ethereum Coin Price Intraday Levels-
- Spot rate: $1914
- Trend: Bullish
- Volatility: Low
- Resistance level- $2022 and $2320
- Support level- $1860 and $1700
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-ethereum-price-aims-2800-target-as-bullish-recovery-resumes-enter-now/