NewsletterEthereum Price Analysis Hints Potential Threat of Bull Trap; Will ETH Revisit $1500?
On March 17th, the Ethereum coin price gave a decisive breakout from the resistance trendline of the megaphone pattern. The pattern formation itself is a sign of uncertainty among participants accentuating an unclear trend the ETH price witnessed since February 2023. Thus, a bullish breakout from this pattern’s resistance trendline is expected to release the trapped bullish momentum and encourage a significant price rally.
Key Points:
- A bullish breakout from the megaphone pattern’s resistance trendline projects a potential bull-run ahead
- A post-retest rally may push the ETH price 15% higher to hit the $2000 mark
- The intraday trading volume in Ether is $11.9 billion, indicating a 43% gain.
Source- Tradingview
By the press time, the Ethereum price trades at $1766 and continues to hover above the breached trendline of megaphone to check price sustainability at a higher level. Today, the coin price shows a long-lower price rejection candle indicating the buyers attempt to defend the newly reclaimed support
As per the Fibonacci extension indicator, the buyers may drive the Ether coin price to potential targets of $1890 at 0.786, followed by the 100% FIB level at $2010.
Also Read: Top 6 Liquid Staking Platforms On Ethereum
On a contrary note, the daily chart showed long-wick rejection candles on March 18th and 19th, indicating the sellers are trying to regain trend control. Therefore, the coin holders should check for price suitability above the breached trendline for a few days as additional confirmation.
However, a break below the trendline will consider the prior breakout as a bull trap and may pull the prices back to $1600 support.
Technical Indicator
Bolinder Band: the Ethereum coin constantly retesting the upper band of the Bollinger band indicator suggests the prices are trying to stabilize from the prior uptrend. Thus, after a short consolidation, the buyers should resume the prevailing recovery.
MACD: a significant gap between the bullish alignment of MACD(blue) and signal(orange) indicates aggressive buying momentum for Ethereum.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1770
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1890 and $2000
- Support level- $1720 and $1670
- ‘I Won’t Back Down,’ Michael Saylor Reinforces Strategy’s Bitcoin Mission
- Eric Trump Says Now Is a Great Time to Buy Bitcoin Amid Crypto Crash
- Dogecoin, Cardano, Shiba Inu Eye Wider Adoption as Coinbase Announces Perpetual-Style Futures
- Solana News: SOL’s Supply Could Drop Twice as Fast as Disinflation Proposal Goes Live
- Trump Tariffs: White House Prepares Plan B as Crypto Market Awaits Supreme Court Ruling
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
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
