ETH Price Prediction: Can the New Relief Rally Push Ethereum Coin above $1500?
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.
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.
Source- 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.
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.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1456
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1500 and $1660
- Support level- $1420 and $1340
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