ETH Price Prediction: Ethereum Coin Holds Recovery Potential Until This Bullish Pattern Is Intact

ETH Price Prediction: Amid the ongoing bloodbath in the crypto market, the Ethereum price showcased a four-day losing streak and plunged to the 50% Fibonacci retracement level. Furthermore, this FIB level aligned with the support trendline of the megaphone pattern indicates the buyers hold a crucial defense line to recuperate the recovery phase.

Key Points:

• A short-term sideways in Ethereum coin is governed by a megaphone pattern
• Some bullish reversal sign at 0.5 Fibonacci support hints the Ethereum price may replenish bullish momentum
• The intraday trading volume in Ether is $15 billion, indicating a 128% gain.

Source- Tradingview

With increasing bearishness in the market, the second largest cryptocurrency, Ethereum prolonged its ongoing correction phase and plunged to the 0.5 Fibonacci retracement level. However, it seems the recent downfall completed a bear cycle with the megaphone pattern of the daily time frame chart.

This megaphone pattern is visible when the asset price continues to wobble between two diverging trendlines. In theory, the pattern reflects a highly volatile phase until the prices breach either trendline to trigger a direction rally.

As of now, the Ethereum price trades at $1411 with an intraday loss of 1.8%. However, the daily candle shows a long-tail rejection attached to it displaying price sustainability above the support trendline of the megaphone pattern. This lower price rejection indicates the buyers continue to defend this support and encourage a bullish reversal.

Also Read: Top Crypto Copy Trading Platforms For 2023

If the daily candle shows suitability above the trendline, the Eth price could initiate a new bull cycle within the aforementioned pattern. This potential recovery will likely drive the Ethereum price to the following level $1500, $1660, or $1720.

On a contrary note, a breakdown below the lower trendline will further extend the ongoing downfall.

Technical Indicator

EMAs: The crucial EMAs(20, 50, 100, and 200) accumulated near the $1500 project a strong resistance zone for traders.

MACD: the MACD(blue) and signal(orange) lines plunged below the neutral zone indicating the market sentiment on the seller’s side.

Ethereum Coin Price Intraday Levels-

• Spot rate: $1422
• Trend: Bearish
• Volatility: Medium
• Resistance level- $1500 and $1660
• Support level- $1420 and $1340