NewsletterETH Price Prediction: Here’s When Ethereum Coin May Start Its Next Recovery Cycle
In the weekly time frame chart, the Ethereum price showcased the last eight months’ sideways trend as the formation of the symmetrical triangle pattern. This pattern is visible when the asset price resonates between two converging trendlines and a breakout from either one results in a significant price movement in the direction of the breakout. Here’s how this pattern may influence Ethereum’s near future price.
Key Points:
- The potential pullback hints the Ethereum price may tumble 6% before the next recovery cycle
- A bullish crossover between 20 and 100 EMA of the weekly time frame chart should increase buying orders in the market.
- The intraday trading volume in Ether is $10.4 billion, indicating a 12.2% gain.
Source- Tradingview
Amid last week’s recovery in the crypto market, the ETH price gave a massive breakout from the resistance trendline of the symmetrical triangle pattern. This breakout indicates the buyers won the tug-of war-within the pattern and could trigger a directional uptrend in the near future.
As of now, the Ethereum price trades at the $1788 mark, with an intraday loss of 0.7%. However, the daily chart shows several higher price rejection candles near the $1800 psychological resistance suggesting that short-term traders must be booking profit.
Also Read: Top 6 Liquid Staking Platforms On Ethereum
If the selling pressure persists, the ETH price may plunge 6% down to retest the breached resistance (near $1680) as potential support. While the overall price trend remains bullish, long-term traders can use this pullback opportunity to reaccumulate.
If the altcoin shows sustainability above the breached trendline or $1680 support, the Ethereum price may reach the potential targets of $2020, $2400, or $2800.
Technical Indicator
RSI: In the four-hour time frame chart, while the Ethereum price shows a higher high, the RSI indicator slope falling with a lower low formation reflects the exhausted bullish momentum. This bullish divergence gives additional confirmation of a temporary pullback to $1680.
EMAs: The recently reclaimed 50 EMA slope of the weekly chart wavering near the $1680 mark increases the support strength of this level.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1785
- Trend: Bearish
- Volatility: Medium
- Resistance level- $2020 and $2400
- Support level- $1700-1680 and $1420
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