ETH Price Prediction: Ethereum Price Triggers A Two-Months-Long Bullish Pattern; Is $2000 Next?
ETH Price Prediction: Despite a highly volatile phase in the crypto market, the Ethereum price trend has been strictly resonating between the two diverging trendlines over the last two months. In the daily time frame chart, this consolidation revealed the formation of a megaphone which itself is a sign of indecisiveness among market participants. However, with the recent recovery in the market, the ETH price rechallenges the overhead resistance of this pattern.
Key Points:
- Ethereum Fear and Greed Index is 58%(Greed), indicating market sentiment is favorable for bullish growth
- The Ethereum price may consolidate above $1680 for a few sessions before breaching the $1720 barrier
- The intraday trading volume in Ether is $14.2 billion, indicating a 24% loss.
Source- Tradingview
Amid the ongoing U.S. banks crisis and an increased probability that the U.S. Fed will ease the interest rate hike program in March, the crypto market recently witnessed a massive inflow. Thus, along with the majority of major cryptocurrencies, the ETH price rallied significantly over the last four days.
On March 11th, the Ethereum price rebounded from the combined support of $1400 and the megaphone pattern’s support trendline. The bullish reversal drove the prices 24.3% higher where it currently trades at the $1768 mark.
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With significant growth in volume activity, the buyers are challenging the aligned resistance of the overhead trendline and $1780 horizontal level. A potential breakout from the overhead trendline will intensify the bullish momentum and may bolster the altcoin for further rally.
A post-breakout rally could push the Ethereum price by 16% to hit the $2030 mark.
On a contrary note, if the altcoin shows rejection signs at this resistance, a breakdown below $1681 will signal a bear cycle.
Technical Indicator
Bollinger Band: the coin price retesting the upper band of the Bollinger band indicators suggests a minor price consolidation is possible
RSI: The daily RSI slope surged back into bullish territory indicating market sentiment favors a prolonged bullish rally.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1422
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1500 and $1660
- Support level- $1420 and $1340
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