Ethereum Chart Hints 9% Pullback; Enter This Discounted Price?
The Ethereum coin price witnessed sustained recovery under the influence of a rising trendline. Amid the new year recovery in the crypto market the Ethereum price has surged 20% in the last two weeks pushing its price to $1421. However the increasing selling pressure at $1421 encourages a possible bullish reversal.
Key points:
- An ascending trendline govers the ongoing recovery in Ethereum price
- A potential bullish crossover between the 20-and-100-day EMA would bring additional buy orders in the market.
- The intraday trading volume in Ether is $5.3 Billion, indicating a 76% gain
Source- Tradingview
The daily time frame chart shows the Ethereum price has been rising in a bullish trend for the past two weeks with a double bottom pattern. During this recovery rally, the price action gave an upside breakout of an ascending triangle pattern.
Moreover, a new support trendline in action displays an improvement in the market sentiments and supports the possibility of further recovery. However, the bullish triangle breakout sets up a position of a retest which may lead to a short term correction.
Hence, a retest possibility to the broken resistance level $1340 is high as the supply pressure increases at the overhead resistance of $1421. Thus, a daily candle with higher price rejection at $1421 will confirm a retest phase.
A potential pullback in the ethereum price may tumble by 7% to revisit the ₹1340. If the bullish momentum replenishes at this support, the interested traders.
Technical Indicator
RSI: the RSI slope soars high into the bullish territory accentuating high bullish momentum.
EMAs: Amid the recent recovery, the ETH price breached the 20-50-and-100-day EMAs. In case of possible pullback these EMAs Mai act as a significant support to resume the prior rally.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1419
- Trend: Bullish
- Volatility: Low
- Resistance level- $1500 and $1650
- Support level- $1250 and $1240
- Breaking: $8 Trillion Morgan Stanley Opens Crypto Investments to All Wealth Clients
- Bitget Strengthens On-Chain Rewards Push With Early Hunter Airdrop Launch
- Fed’s Chris Waller Reiterates Support for Rate Cuts but Urges Caution On Pace
- Tom Lee’s Bitmine Immersion (BMNR) Adds Another $103M ETH to its Ethereum Stash
- Bitcoin Price Flashes Top Signal After Rejection At $125K
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
- Dogecoin Price Prediction as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana (SOL) Price Prediction: Analyst Eyes $1,300 as SOL DAT Company Plans 5% Supply Acquisition
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
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.
