The ETH price parabolic rally has gained 33.5% from $2500 within a fortnight. The coin price continues its rally to the north, nearing the overhead ceiling of $3400. Can buyers breach this another resistance, or minor correction is needed?
Key points:
- The $3400 breakout hints at another 7.5% rally
- The 20-and-50-day EMA performs a bullish crossover.
- The intraday trading volume in Ether is $17.9 Billion, indicating a 98% gain.
Source- Tradingview
The Ethereum (ETH) price escaped a two-month consolidation phase as the price triggered a bullish breakout from a symmetrical triangle pattern on march 18th. After a two-day retest, the bulls continued to rally higher and breached two significant resistance of $3000 and 200-day EMA.
Now, the coin price tags another resistance of $3400, preparing for a bullish breakout. If buyers succeeded in doing so, the ETH price would appreciate 7.5% to retest immediately supply region at $3600.
However, the altcoin may perform a minor correction to stabilize the aggressive buying. The potential pullback would provide a dip opportunity to traders, which is expected to revert from the $3000 physiological level.
Trending Stories
A successful bullish reversal will indicate the traders’ sentiment has switched from selling on rallies to buying on the dip.
Technical Indicator
The fortnight rally has reclaimed the crucial EMAS(20, 50, 100, and 200). Moreover, the recently breached 200-day EMA could assist buyers in supporting the expected pullback.
The Relative strength index(70) has shown a similar growth charging straight towards the overbought region. Moreover, the RSI slope line has been this high during the November rally.
The average directional movement index(22) slope curves up, projecting the revival of the bullish momentum.
- Resistance level: $3400 and $3630
- Support levels: $3000 and $2773
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
