NewsletterEthereum Price Analysis: ETH Price to Reclaim $2000 Mark is Dependant on these Factors
Ethereum Price Analysis: The ongoing correction in Ethereum price took a slight sideways detour in response to the flattish behavior of the world’s largest cryptocurrency Bitcoin. The consolidation is confined between $1830-$1770, creating a narrow range. Thus, a breakout beyond the aforementioned range with daily candle closing is needed to free the ETH price from current uncertainty.
Key Points:
- The Ethereum price resonates within a narrow range of $1830-$1770 can be considered a no-trading zone
- The 100-day EMA at $1770 gives additional support to buyers to sustain higher chart levels
- The intraday trading volume in Ether is $5.59 Billion, indicating a 3.48% gain.
Source- Tradingview
Today, the Ethereum price trades at $1800, and continues its sideways trend within the fixed range of $1830-$1770. The formation of green and red candles on an alternative basis shows no clear sign of dormant force in the market.
Thus, the new trades must wait for a decisive breakout with the daily candle closing beyond the range levels to confirm the potential market trend.
Also Read: Top BRC – 20 Tokens Set To Take The Next Big Leap
A breakout of $1830 will increase buying momentum in the market, and more likely raise the ETH price by 3.5% to hit the overhead trendline of the wedge pattern. However, the aforementioned pattern is carrying current correction in ETH.
Therefore, a bullish breakout from the wedge pattern will be the key signal to the resumption of a bullish trend.
However, the current correction has not yet breached the 505 Fibonacci retracement level and reflects the overall market trend bullish.
Technical Indicator
Moving Average Convergence Divergence: The flattish MACD(blue) and signal(orange) line project the market trend is currently uncertain.
Bollinger Band: The down-sloping lower band on the BB indicator reflects the selling momentum in the market is still aggressive.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1814
- Trend: Bullish
- Volatility: High
- Resistance level- $1830 and $1940
- Support level- $1790 and $1700
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