Ethereum Price Coiling Up For a Massive Upswing; Enter Now?

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For over two weeks, the Ethereum price has remained trapped between the $1855 and $1600 levels. Though the widespread uncertainty in the market has prolonged this sideways trend, this consolidation is crucial for trading the symmetrical triangle pattern breakout. Here’s when you can enter this coin for long-position.

Key Points:

High supply pressure at $1855 hints at Ethereum prolonging the ongoing consolidation.
A bullish crossover between the 100-and-200-day EMA offers a buy signal for long-term traders
The intraday trading volume in Ether is $9.14 billion, indicating a 5.7% loss.

Source- Tradingview

On March 27th, the Ethereum price breakout from a resistance trendline of the symmetrical triangle pattern. Under favorable consolidation, this breakout will drive the ETH price for a potential rally to the $2800 mark.

However, the altcoin is currently trapped in a post-breakout consolidation phase usually meant to recuperate bullish momentum and check price sustainability at higher levels. By the press time, the Ethereum price trades at $1822 but the long-wick rejection candles spotted near the $1855 resistance indicate the coin holders may witness more of a sideways trend.

Also Read: Top 6 Liquid Staking Platforms On Ethereum

Thus for a clear indication of upcoming trends, the traders must wait for a breakout from $1855 as until then the prices remain inside a no-trading zone.

A potential breakout from $1855 will continue on the path of a bullish triangle pattern and push the Ethereum price to $2800.

Conversely, a breakdown below $1660 or breached trendline will invalidate the bullish theses.

Technical Indicator

RSI(4-hour): The daily RSI slope wavering above the midline indicates the overall market sentiment remains bullish.

Bollinger Band: The midline of the Bollinger band indicator acts as a dynamic support to rising ETH price

Ethereum Coin Price Intraday Levels-

Spot rate: $1824
Trend: Bullish
Volatility: High
Resistance level- $1855 and $2020
Support level- $1700-1680 and $1420

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-ethereum-price-coiling-up-for-a-massive-upswing-enter-now/