ETH Price Prediction: Can the New Relief Rally Push Ethereum Coin above $1500?

ETH Price Prediction: The Ethereum price bullish reversal from the megaphone pattern’s support trendline hints at an upcoming recovery.
By Brian Bollinger

ETH Price Prediction: The increasing FUD in the crypto market has led the Ethereum coin to the formation of a megaphone pattern. In theory, this pattern formation itself is a sign of high volatility as the asset price shows increasing swing highs within the diverging trendlines. Amid the recent sell-off, the ETH price plunged back to the pattern’s lower support trying to recuperate bullish momentum.

Advertisement
Advertisement

Key Points: 

  • A bullish reversal from 0.5 FIB support encourages the Ethereum price to revisit the $1500 flipped resistance. 
  • A potential death crossover between the 50-and-200-day EMA 
  • The intraday trading volume in Ether is $8.6 billion, indicating a 42% loss.

ETH Price PredictionSource- Tradingview

On March 11th, the Ethereum coin price rebounded from a highly concentrated support zone consisting of technical levels such as a 0.5 Fibonacci retracement level, a support trendline, and a horizontal level of $1420 using a morning star candle pattern. A bullish reversal from strong support with a bullish candle structure encourages the ETH price for a significant recovery.

Moreover, as per the technical setup of the megaphone pattern, a price reversal from the lower trendline triggers a new bull cycle to revisit the above trendline. Thus, Ethereum price is set for a potential upswing that could surpass the $1720 peak.

However, considering the overall negativity in the crypto market, potential buyers should be cautious of the overhead resistance of $1500. These round-number price levels often act as strong psychological resistance or support to an asset’s price

Also Read: What Is Regenerative Finance (Refi) And Who Is It For?

On a contrary note, a bullish breakout from the $1500 resistance will give buyers additional confirmation to raise the coin price higher.

Advertisement
Advertisement

Technical Indicator

EMAs: The 100-day EMA slope moving near the $1500 mark strengthens the resistance power of this level.

RSI: The daily RSI slope moving low in bearish territory indicates the overall market sentiment is strongly negative.  

Advertisement
Advertisement

Ethereum Coin Price Intraday Levels-

  • Spot rate: $1456
  • Trend: Bearish
  • Volatility: Medium
  • Resistance level- $1500 and $1660
  • Support level- $1420 and $1340
Advertisement
Brian Bollinger
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.