Ethereum Price Escape From Consolidation Phase Foreshadows a 9% Rise

ETH Price Prediction: The daily time frame chart revealed the recent consolidation in the Ethereum coin price was a retest phase to the symmetrical triangle pattern breakout. With the indecisive market sentiment, the consolidation prolonged for over three weeks but eventually breached the key resistance of $1850-$1845. This breakout signals the ETH price is likely to resume its prior recovery.

Key Points: 

• The Ethereum price ongoing retest phase of the $1850 resistance offers a long-entry opportunity to interested traders.
• A bullish breakout from $1850 encourages a first target of 9% to reach $2022
• The intraday trading volume in Ether is $9.7 billion, indicating an 11.5% loss

Source- Tradingview

On April 4th, the Ethereum price gave a decisive breakout from the range resistance of $1850-$1845. After three weeks of tight coiling, this bullish breakout outburst the buying pressure to carry further price rallies.

As of now, the ETH price trades at $1866 and shows lower price rejection candles at the breached resistance of $1850. This rejection indicates the buyers are defending the newly reclaimed level increasing the possibility for follow-up.

Thus, if the buying pressure persists, the altcoin will rise 9% higher to meet the next significant resistance zone of $2030.

Also Read: Top Crypto Copy Trading Platforms For 2023

Anyhow, this bull rally initiated with the upside breakout of a symmetrical triangle pattern cooking the Ethereum price for massive growth.

In theory, this triangle pattern completion offers a potential rally of the same length between the high price swing within the pattern shot from the breakout point. Thus under ideal bullish conditions, the Ethereum price may surge to the $2800 mark. 

Technical Indicator

RSI: Despite a new higher high in price, the RSI slope moving sideways indicates weakness in bullish momentum and a threat for a bull trap. Thus, the price’s sustainability above the $1850 flipped support is needed to take a long entry opportunity.

EMAs: the 20-day EMA can be used as an alert line, as the price breakdown below it will indicate the significant corrections and weaknesses of the aforementioned bullish thesis

Ethereum Coin Price Intraday Levels-

• Spot rate: $1867
• Trend: Bullish
• Volatility: Low
• Resistance level- $2022 and $2320
• Support level- $1860 and $1700