NewsletterEthereum Price Prediction: New Bearish Pattern Emerged Plots 8% Drop in ETH Price; Time to Reaccumulate?
Ethereum Price Prediction: The ongoing consolidation in Ethereum price hit a minor roadblock at $1800 psychological support and has turned sideways for nearly a week now. Amid the consolidation phase, the price resonated between two converging trendlines revealing the formation of a bearish flag. Here’s how this pattern may influence the Ethereum coin’s future trend.
Key Points:
- The Ethereum price narrowing within two trendlines can be considered a no-trading zone
- The coin price breakout on either side will determine the potential trend in ETH
- The intraday trading volume in Ether is $9.04 Billion, indicating a 42.5% gain.
Source- Tradingview
On May 3rd, the US Fed announced a 25 basis points rate hike during the FOMC meeting. The crypto market reacted positively to these expected numbers, triggering a minor uptick in several cryptocurrencies.
However, the Ethereum price still within the triangle pattern indicated uncertainty among market participants. With a 1% intraday fall, the coin price turned down from the pattern’s resistance trendline indicating a prolonged consolidation phase.
Also Read: Top 10 Crypto Margin Trading Platforms In Australia
Anyhow, the bearish pattern creates a higher possibility for a breakdown below the support trendline and resumes the prevailing downfall. A daily candle closing below the trendline will increase the selling pressure and tumble the Ethereum price 10% down to hit $1650.
On a contrary note, a breakout above the overhead trendline will signal the belonging of a fresh recovery rally which may surge the price back to the last swing high of $2133.
Technical Indicator
Relative Strength Index: The daily RSI slope wavering around the neutral line accentuates an indecisive market sentiment.
Bollinger Band: The Ethereum price flipped the midline of the Bollinger band indicator into a viable resistance offering sellers an additional resistance to pressurize buyers for longer correction.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1884
- Trend: Bearish
- Volatility: High
- Resistance level- $1965 and $2133
- Support level- $1800 and $1700
- Kevin Hassett Opens Door to Fed Chair Role as Markets Show 87% Odds of Third Rate Cut
- Elon Musk Says Bitcoin Is True Energy Currency as Peter Schiff Labels It ‘Fake Asset’
- Michael Saylor Hints Fresh Bitcoin Buy With “Green Dots” Tease
- Arthur Hayes Flags High Downside Risk in Tether’s Shift Toward Bitcoin and Gold Reserves
- Peter Schiff Predicts Bitcoin Decline Will Extend Into December as BTC Closes Out Red November
- Will Fusaka Upgrade Push Ethereum Price to New Highs?
- Bitcoin Price Poised for a $100k Run as Coinbase Premium Turns Positive
- XRP Price Prediction: Why XRP Could Rally to $3 This Week?
- Ethereum Price Prediction 2025: How High Can ETH Go by Year-End?
- CoinShares Withdraws Staked Solana ETF Proposal: What’s Next for Solana Price?
- XRP Price Forms Alarming Death Cross Amid Intense Whale Dumping
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
