Ethereum Price Prediction: In the weekly time frame chart, the Ethereum price shows a clear failure of coin buyers to sustain above the $2000 mark. The technical chart displaying a bearish piercing candle pattern at a $2000 breakdown indicates a higher possibility for price reversal. This potential correction may offer a pullback opportunity if the ETH price manages to replenish bullish momentum at reclaimed levels.
Key Points:
- With sustained selling the Ethereum price is poised for a 10% downfall to hit the $1700 mark
- The $1700 accompanied by several other technical levels created a strong accumulation zone.
- The intraday trading volume in Ether is $6.7 Billion, indicating a 30% loss.
Source- Tradingview
Amid the increasing selling pressure in the market, Ethereum price formed a local top at $2125 and reverted lower to start a new correction phase. In the last five days, the ETH’s market value dropped 12% and it currently trades at the $1873 mark.
As of now that combined support of $1844 and 38.2% Fibonacci retracement level may trigger a minor pullback to retest the breached $2000 as potential resistance. This is a key level to watch for the coming week or two as a daily candle closing above it will bolster buyers to surpass $2200.
Also Read: 15 New Cryptocurrencies To Buy In 2023
Conversely, If the selling pressure persists a new lower high formation at $2000 will suggest a longer correction in the Ethereum price. On the downside, the $1700 level aligned with 61.8% FIB and 100-and-200-day EMA creates a strong support zone that could assist buyers to revive The prior bullish recovery.
The Ethereum price holds its bullish outlook until the ascending trendline shown in the above chart is intact.
Technical Indicator
Exponential Moving Average: the Ethereum price breakdown below the 20-day EMA slope after five weeks and early signs of a strong correction.
Stochastic: the K%(blue) and D%(orange) slope plunged to an oversold region indicating an opportunity to buy at the dip
Ethereum Coin Price Intraday Levels-
- Spot rate: $1873
- Trend: Bearish
- Volatility: Low
- Resistance level- $2000 and $2125
- Support level- $1850 and $1780
The post ETH Price Prediction: By April End; Will Ethereum Price Reclaim $2k or Plunge to $1.5K? appeared first on CoinGape.
