Here’s When Ethereum Price May Resume its Bullish Recovery

ETH Price Prediction: On March 17th, a bullish breakout from the resistance trendline of a symmetrical triangle pattern set the Ethereum price for a significant uptrend. However, before the bull run begins the price is retesting the breached resistance as a potential support to check price sustainability at a higher price. However, this retest phase has been prolonged than expected as the broader market sentiment reflects uncertainty. Having said that, ETH price is a 4-hour time frame showcasing a new pattern that may assist buyers to escape the stagnant market condition. 

Key Points: 

• The ongoing consolidation phase in the Ethereum price will continue until the falling wedge pattern is intact.
• A potential bullish crossover between the 100-and-200-day EMA may increase buying pressure in the market.
• The intraday trading volume in Ether is $7.9 billion, indicating a 7% gain.

Source- Tradingview

For nearly two weeks, the Ethereum coin price has been wavering between the $1850 and $1700 range. Though this minor correction was supposed to replenish bullish momentum after receiving suitable support from breached resistance, the FUD among market participants has extended the sideways trend.

Anyhow, the falling ETH prices are actively responding to two converging trendlines indicating the formation of a descending wedge pattern. This structure is one of the famous bullish continuation patterns which intensifies the buying pressure upon the breakout of the resistance trendline.

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Thus, the ETH price breakout from the overhead resistance will be the key signal for uptrend continuation.

Under the influence of the aforementioned triangle pattern, the post-retest rally could drive the Ethereum price for a potential rally of $2000, $2400, or $2800.

Technical Indicator

RSI(4-hour): a steady downfall in RSI slope indicates sustained selling in the market suggesting the ongoing correction will extend for a few more trading sessions.

EMAs: the 200 EMA slope could offer additional support to buyers and completion of the falling wedge pattern.

Ethereum Coin Price Intraday Levels-

• Spot rate: $1741
• Trend: Bullish
• Volatility: High
• Resistance level- $1855 and $2020
• Support level- $1700-1680 and $1420