NewsletterETH Price Prediction: New Recovery Cycle in Ethereum Price Hints a 10% Rally Ahead
ETH Price Prediction: On April 25th, the Ethereum price rebounded the combined support of $1840 and 38.2% with a tweezer bottom candle pattern. A reversal pattern at crucial support increases the possibility for the coin price to undermine the prior correction and resume price recovery. A post-correction rally along with the news spread for another U.S bank at risk of collapse caused a significant uptick in the crypto market.
Key Points:
- In theory, a correction to 38.2% is considered an established uptrend to prolong the price rally
- The coin buyers need a breakout above the $2000 psychological barrier to accelerate the underlying bullish momentum.
- The intraday trading volume in Ether is $11.4 Billion, indicating a 38.5% gain.
Source- Tradingview
As per the recent reports, the First Republic Bank is facing massive capital outflows resembling the Banking crisis witnessed during Mid-march. As a result, the crypto market received significant buyer pressure and surged several major cryptocurrencies higher in the last two days.
Thus, the Ethereum price surged 5.5% and is currently trading at the $1946 mark. With sustaining the buyers should soon hit the $2000 as potential resistance. A breakout above this level is crucial for ETH holders as it will encourage a further 7.5% rally to challenge the last swing high resistance of $2138.
Also Read: 15 New Cryptocurrencies In Upcoming Binance Listing For 2023
Conversely, if the coin price shows a reversal sign at $2000, the potential buyers must be cautious as it may lead to the formation of a new lower high to prolong the correction phase.
Technical Indicator
Relative Strength Index: The daily RSI slope rise above the midline reflects the positive sentiment in returning to the Ethereum coin
Exponential Moving Average: with the recent correction, the 50-day EMA slope acted as excellent pullback support in an established uptrend.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1946
- Trend: Bullish
- Volatility: Low
- Resistance level- $2000 and $2138
- Support level- $1850 and $1775
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Crypto Bill Markup Unlikely This Month Amid DeFi, Stablecoin Yield and Conflict Disputes, Expert Says
- Breaking: U.S. PCE Inflation Rises To 2.8%, Bitcoin Falls
- Michael Saylor Opposes Zcash-Style Privacy for Bitcoin, Citing Shutdown Risk
- Crypto Exchange Bitget Unveils Major GetAgent AI Overhaul With Faster Insights
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Chainlink Price Prediction as Reserves Pass 1M LINK – Is $20 Next?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
- Is ZCash Price Set for a Bigger Rally After Its 10% Surge on the Bitget Listing?
- Aster Price Outlook as Buyback Wallet Burns 77.86M ASTER Worth $79.81M
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
