NewsletterEthereum Price Looks Ready To Break $2000: ETH Price Analysis
Ethereum Price Prediction: Amid the recent uncertainty in the crypto market, the Ethereum price witnessed a tight consolidation for the past two weeks. During the sideways, the ETH price actively responded to a rising support trendline and horizontal resistance of $1838 revealing the formation of an ascending triangle pattern.
With an intraday gain of 2%, ETH price breached the pattern’s neckline resistance, accelerating the buying pressure for a further rally.
Also Read: Low Cap Crypto Gems Gunning To Explode In 2023
Ethereum Price Daily Chart
- A bullish breakout from the $1838 resistance released Ethereum coin price from the market choppiness.
- A bullish crossover from 20 and 50 EMA may attract more buying orders in the market
- The intraday trading volume in Ether is $6.77 Billion, indicating a 77% gain.
Source- Tradingview
In the 4-hour time chart, the Ethereum price shows a massive breakout from the local resistance of $1838. This breakout backed by high volume reflects the buyer’s high commitment and a potential 3% rise to revisit the $1900 mark.
However, the $1900 level is accompanied by a long-coming resistance trendline of a falling wedge pattern. This setup is carrying the current correction trend and has higher weightage than the triangle breakout.
Therefore, if the sellers continue to defend the overhead trendline, the ETH price would likely plunge to lower levels. A potential reversal could tumble the prices 8% and poke the $1700 mark.
Will Ethereum Price Reclaim $2000 Mark?
Ethereum price continues with its current correction phase until the wedge pattern of the daily chart is intact. Therefore, a breakout from the resistance trendline of this pattern will be a key signal for any bullish growth in this altcoin. The post-breakout rally may surge the prices beyond the $2000 mark.
- Average Directional Index: An uptick in ADX slope around 19% project strength in buyers and additional confirmation to reach $1900
- Exponential Moving Average: With today’s price jump, the Ethereum price reclaimed 20, 50, 100, and 200 EMAs of the 4-hour chart, offering multiple support for buyers.
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