NewsletterEthereum Price Escapes Market Uncertainty; Here’s What To Expect Next
While the overall market was struggling with uncertainty, the Ethereum price also remained trapped between two horizontal levels of $1160 and $1230. This consolation phase lasted for around two weeks and limited the ETH growth to a narrow range. However, the crypto market has turned positive since the beginning of 2023 and has created a sense of recovery among the majority of cryptocurrencies. As a result, the Ethereum price rose for four consecutive days and is 5.8% up since last week.
Key points:
- $1230 resistance breakout sets Ethereum price for an 8.2% jump
- A falling parallel channel pattern drives the ongoing downtrend in ETH
- The intraday trading volume in Ether is $5.3 Billion, indicating a 76% gain
Source- Tradingview
With today’s massive bullish candle, the ETH price broke the $1230 resistance to replenish the trapped bullish momentum. The volume activity rose during the breakout, which also bolsters the buyer’s commitment to the price rally.
Thus, if this altcoin manages to sustain above the $1230 flipped support, the price may rise more than 8.2% to hit the resistance trendline of the falling channel pattern. This pattern displays itself as carrying a downtrend between two parallel walking trendlines.
However, even though this pattern showcases a steady downtrend, In theory, it eventually provides a massive price rally upon the breakout of its resistance trendline. Thus, the ETH price bullish breakout from the resistance trendline will signal the start of a fresh recovery rally.
Also read: Popular Analyst Bullish On Ethereum Price, Makes First Trade Of 2023
On a contrary note, a bearish reversal from the overhead trendline will prolong the prevailing downtrend in Ethereum.
Technical Indicator
Relative strength index (RSI): concerning the recent price, the daily RSI surged into bullish territory(above midline), accentuating the rising bullish momentum and additional confirmation on price recovery.
EMAs: along with $1230, the prices breached the 20-day EMA, offering buyers an extra footing to rise higher.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1252
- Trend: Bullish
- Volatility: Low
- Resistance level- $1370 and $1430
- Support level- $1230 and $1160
- Why Are Top Altcoins ADA, SOL, and ETH Down Today?
- Visa Begins Pilot Program For Direct USDC Payments For U.S. Businesses
- U.S. Government Shutdown Set to End as House Panel Approves Senate Funding Deal
- Analysts Eye FUNToken’s Giveaway as the Push It Needed to Break Out
- Ripple News: Evernorth Holdings Linked XRP Coins on Move, What’s Happening?
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
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
