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ETH Price Prediction: Under the influence of a falling channel pattern, the Ethereum coin price has showcased a steady downfall over the past two weeks. During this correction phase, the coin price witnessed an 8.5% loss from the $1715 peak and plunged to the current price of $1570. Will this pattern encourage further downfall in ETH price?
Key Points:
- Long-wicks rejection candle at the channel pattern’s support indicates the Ethereum price is facing high buying pressure and will probably experience a minor relief rally.
- A bullish breakout from the channel patterns resistance trendline will release ETH from ongoing correction
- The intraday trading volume in Ether is $5.08 billion, indicating an 0.1% loss.
Source- Tradingview
Amid the ongoing correction phase, the Ethereum coin price has been strictly bouncing off the downsloping trendlines of the falling channel pattern. As the selling pressure in the market increases, the ETH price has now plunged back to the pattern’s lower trendline.
Furthermore, the coin price currently hovers above the falling trendline with multiple lower price rejection candles, indicating the traders actively are accumulating at this dynamic support. The most common outlook after visiting the lower trendline is a bullish reversal back to the overhead trendline.
Thus, the Ethereum price is likely to witness a relief rally of 3.8%-4% to retest the pattern’s resistance trendline. Anyhow, the ongoing correction for ETH holders will continue until this pattern is intact.
Also Read: Top Eco-Friendly Crypto Projects To Invest In 2023
Having said that, the channel pattern often offers a strong direction bull run upon the breakout of the resistance trend. If this happens with ETH, the buyers are likely to drive the prices back to the $1715 ceiling.
Technical Indicator
Source- tradingview
EMAs: The Ethereum price obtaining support from the support trendline and the 200-day EMA altogether increases the chance of a bullish reversal.
Average Directional Index: The AXD indicator is used to measure the strength of a coin’s ongoing price trend. Thus, a significant drop in the ADX slope in the daily chart indicates weakness in underlying bullish momentum.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1569
- Trend: Bullish
- Volatility: High
- Resistance level- $1715 and $1785
- Support level- $1500 and $1400
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