Bullish Pattern Sets Ethereum Price To Pierce $1780 Barrier
On October 29th, the Ethereum price gave a bullish breakout from $1600-$1575 resistance with sufficient volume rise. Today, the altcoin is down 2% and offers a retest opportunity to the breached resistance. However, In response to the rounding bottom pattern, the Ethereum price sets its recovery rally to hit $2000.
Key points:
- Low volume retest indicates price sustainability above the $1575
- The 20-and-50-day EMA bullish crossover would encourage more buyers for the coin
- The intraday trading volume in Ethereum is $14.5 Billion, indicating a loss of 32.6%.
Source- Tradingview
The Ethereum coin price has outperformed Bitcoin amid the recent recovery cycle in the crypto market. Thus, the bull run registered around 25% within a fortnight and reached a high of $1660.
Moreover, considering the parabolic recovery, the technical chart shows the formation of a rounding bottom pattern. This bullish pattern is famous for reversing price trend and triggering a significant recovery to its neckline.
Currently, the Ethereum price trades at $1585 and retests a recently breached resistance level of $1600-$1570. Moreover, the reduced volume during the retest indicates a temporary pullback and a higher possibility for the resumption of prevailing recovery.
Thus, if the price sustains above $1570, the buyers could obtain a higher footing to lead to a further price rally. With sustained buying, the Ethereum coin price should drive 12.5% higher from its current level and reach the $1780 resistance.
On a contrary note, a daily candle closing below the $1570 mark will trigger a minor pullback in ETH/USDT pair. Thus, as per Fibonacci retracement, the 0.38 FIB at $1500 and 0.5 FIB at $1460 are crucial support to capture a dip opportunity.
Technical indicator-
EMAs: the rising price reclaimed the 20, 50, and 100-day EMA signal early signs of a trend reversal. Thus, these breached slopes could also offer suitable support to maintain the bull run.
MACD indicator: the MACD and signal line entering bullish territory with a long spread indicate strong buying from traders.
Ethereum intraday price levels
- Spot price: $1585
- Trend: bearish
- Volatility: Low
- Resistance level- $1780 and $2000
- Support level- $1570 and $1500
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