Published 3 seconds ago
The Ethereum(ETH) price resonating within a range has recently revisited the $1300 mark. However, the higher price rejection candles at his barrier indicate a higher probability of price reversal. This bearish turndown may plunge prices to $1225 and extend the current consolidation.
Key points:
- The 50-day EMA act as dynamic resistance for the Ethereum price
- A bullish breakout from $1300 will release the trapped bullish for a potential rally
- The intraday trading volume in Ether is $2.8 Billion, indicating a 22.3% loss
Source- Tradingview
The Ethereum price has remained trapped within a narrow range for nearly two weeks. This altcoin has been walking sideways for the past two weeks and tested the horizontal levels of $1300 and $1225. Despite several attempts, the prices struggle to go beyond the mentioned level, indicating a sense of uncertainty in the market.
Usually, a consolidation phase following a significant jump recovery offers a short period for prices to sustain higher levels. During this pause, the trades could replenish the bullish momentum for the resumption of the prior recovery.
Therefore, the market participants bullish on Ethereum can get an entry opportunity at $1225 support. However, the safe trades may enter the market on a $1300 breakout to complete the range rally on a bullish note.
An upside breakout from the $1300 mark will accelerate the bullish momentum and drive the prices 9% higher at $1420.
However, if the overall market remains bearish, a breakdown below $1225 will undermine the recovery sentiment and tumble the altcoin 6% down to $1158.
In a nutshell, Ethereum could be a suitable trading opportunity upon range breakout and offer a directional rally.
Technical Indicator
MACD indicator: the decreasing gap between the MACD and the signal line indicates the losing bullish momentum. Moreover, a potential bearish crossover between these slopes fuel in more selling pres in the market.
EMAs: the coin price wobbling between the 20-and-50-day EMA gives an extra edge for the range breakout.
Ethereum Cooin Price Intraday Levels
- Spot rate: $1272
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $1300 and $1420
- Support levels- $1225 and $1154
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/heres-ethereum-eth-price-analysis-for-the-coming-week-buy-now/