Can Ethereum Coin’s Escape From Market Uncertainty Hit $2000 Target?
The Ethereum coin price has been stuck in a minor consolidation phase for the past three weeks, stretched from $1677 to $1500 levels. The coin currently trades at $1649 and continues to face rejection from the $1677 barrier. This overhead selling pressure may encourage a prolonged correction, but the narrow range being part of a cup and handle pattern keeps the bullish trend intact.
Key Points:
- In theory, the cup and handle pattern is a famous bullish reversal pattern offering a significant bull run upon the breakout of its neckline resistance.
- The RSI indicator value still wavering above the midline indicates the market sentiment remains bullish.
- The intraday trading volume in Ether is $5.8 Billion, indicating a1 3.2% loss.
Source- Tradingview
The last three months’ price action in Ethereum coin price has shown the formation of a cup and handle pattern. It is displayed a steady u-shaped recovery, ‘cup,’ followed by a minor consolidation shaped, ‘handle.’. As mentioned above, the ETH price is currently stuck in a minor consolidation or, say, handle portion.
On February 2nd and 4th, the daily chart showed higher price rejection at the $1677 barrier indicating the sellers continue to defend this resistance. Thus, if the selling pressure, the Ethereum price may revert from this resistance and continue to consolidate in a narrow range.
Also Read: Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks
Thus, the traders looking for an entry opportunity should wait for the Ethereum price to break the $1677 neckline resistance. A daily candle closing above the mentioned ceiling would release the trapped bullish momentum.
In a favorable bullish scenario, this breakout could drive ETH price to potential targets of $1800, $2000, or $2300.
On a contrary note, if the ETH breaks $1500 amid this consolidation, the coin price may enter a correction phase.
Technical Indicator
RSI: the falling daily-RSI slope hints at the exhaustion of bullish momentum and encourage the prolonged sideways trend.
EMAs: the 50-and-200-day EMA assembled at the $1500 mark creates a high area of interest zone coin buyers.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1656
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1680 and $1800
- Support level- $1500 and $1370
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
