The second-largest cryptocurrency has been trapped in a symmetrical triangle pattern for around two months now. The Ethereum (ETH) price steadily approaches the support trendline of this pattern. Can buyers rebound from this dynamic support, or the sellers make their breakthrough this time?
Key points:
- The ETH price is nearing the apex of the triangle pattern.
- According to the On-chain data provider Glassnode, the ETH 2.0 deposit contract has reached 10M staked ETH.
- The intraday trading volume in Ether is $77.1 Billion, indicating a 16.98% loss.
Source- Tradingview
The previous bull cycle from the $2490 support failed to overcome the immediate resistance of $2800. Pressured by the stiff resistance, the Ether price turned down and tumbled by 6.5% in the last three days.
The gradual selling advances toward the support trendline of continuation pattern. If the price could bounce back from rising support. The traders can expect a continuation of the range-bound for a few more days.
However, if sellers managed to plunge altcoin below the dynamic support, the renewed selling would dump the coin price to January bottom support of $2300.
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However, the area between the converging trendline is a no-trading zone, and the traders should wait for the price to breach either of them to signal a strong directional move.
Currently, the ETH price trades at $2566, indicating an intraday loss of 0.04%
Technical Indicator
The downsloping EMAs(20, 50, 100, and 200) show the sellers have the upper end. Moreover, altcoin obtains dynamic resistance from the 20 and 50-day EMA. The daily-Relative Strength Index indicator fluctuating around the equilibrium highlights a range-bound rally.
- Resistance levels- $3000, and $2780
- Support levels are- $2490 and $2300
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