On March 17th, the Ethereum coin price gave a massive breakout from the resistance trendline of the symmetrical triangle pattern. A bullish breakout from this nine-month-long bullish has set the ETH price for a significant bull run. However, with the increasing FUD among market participants, the coin price is in a prolonged retest phase above the breached trendline. Will ETH’s next recovery cycle surpass the $2000 mark?
- High supply pressure at $1850 hints at a potential pullback in Ethereum to retest the flipped support of $1680 and a breached trendline.
- The 20-day EMA moving near the $1680 mark increase the support strength of this level
- The intraday trading volume in Ether is $10.4 billion, indicating a 12.2% gain.
In ideal bullish conditions, this symmetrical triangle pattern completion offers a potential rally of the same length between the high and low of the earliest price cycle within the pattern applied to the breakout price point. Thus, under the influence of this pattern, the ETH price holds a potential rally to the $2800 mark.
However, the ongoing recovery rally has taken a halt at the $1850 resistance, indicating a possible minor correction. After a massive rally, this pullback is justifiable as it will also check sustainability above the breached resistance.
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As of now, the Ethereum price is currently trading at the $1789 mark, with an intraday loss of 1.34%. If the selling pressure persists, the altcoin may slump 6-6.5% down to revisit the combined support of $1700-$1680 and ascending trendline.
If the coin price manages to sustain above these supports, the long-term can find an opportunity to reaccumulate.
RSI(4-hour): Amid price consolidation, the RSI slope falling indicates weakness in bullish momentum. This bearish divergence indicates the current sideway trend or potential correction is needed for Ethereum to recuperate buying pressure.
EMAs: A potential buy signal bullish crossover between the 100-and-200-day EMAs could increase buying orders in the market and resume the prior recovery rally.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1789
- Trend: Bearish
- Volatility: High
- Resistance level- $1855 and $2020
- Support level- $1700-1680 and $1420
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