MEXCEthereum Price Analysis: Breakout above this Key Resistance will Set ETH Price for Recovery
Ethereum Price Analysis: On May 11th, the Ethereum price breached the monthly support of $1827 indicating a possibility for momentum selling to trigger a longer correction. However, it’s been five days since the breakdown, and the coin price moving sideways indicates a weakness in sellers’ commitment. Moreover, the ongoing consolidation is hovering above the support trendline of the wedge pattern offering buyers a significant footing to trigger a bullish reversal.
Key Points:
- The Ethereum Fear and Greed index at 49% showcase a neural sentiment among traders
- A breakout above $1827 will set the ETH price on a 5% rise this week
- The intraday trading volume in Ether is $5.86 Billion, indicating a 6.3.% loss.
Source- Tradingview
The ongoing correction phase in the Ethereum price is led by a falling wedge pattern of the daily time frame chart. As of now, the ETH/USDT trades at $1817 and trying to obtain enough from the support trendline of the pattern.
If the buying momentum rises, the coin price will pierce the overhead resistance and reflect the May 11th breakdown as a bear trap. A daily candle closing above $1817 will drive the Ethereum coin’s market value by 5% to hit the wedge pattern’s resistance trendline.
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Now until this pattern’s level is intact, the ETH price is likely to witness a longer correction.
Thus, interested traders looking for long-entry opportunities should wait for a decisive breakout above the overhead trendline.
Technical Indicator
Moving Average Convergence Divergence: The MACD(Blue) and signal(orange) line getting flat reflect which increases the possibility of the price reversal mentioned above.
Exponential Moving Average: the ETH price trading above the 100-and-200-day EMAs keeps the long-term sentiment bullish.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1814
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1830 and $1920
- Support level- $1700 and $1600
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