MEXCEthereum Price Prediction: Market Recovery Sets ETH Prices For 8.8% jump
Ethereum Price Prediction: The Ethereum(ETH) price ended a consolidation phase with a long bullish candle breakout from $1300. Thus, this breakout indicates the buyers are ready to resume the prior recovery. The altcoin is currently in a retest phase, trying to attain sustainability above the flipped support.
Key points:
- A High momentum breakout from the $1300 resistance indicates the buyers are confident in reaching a higher price
- The RSI indicator, which measures the speed and magnitude of an asset’s recent price movements, has surged into bullish territory.
- The intraday trading volume in Ether is $9.1 Billion, indicating an 85% gain.
Source- Tradingview
A recent V-shaped recovery from the $1080 support pushed the Ethereum prices to $1300 local resistance. However, with the increasing uncertainty in the crypto market, this altcoin struggled to surpass the mentioned resistance and went sideways for around two weeks. Thus, the daily chart showed a narrow range formation between the $1300 and $1240 levels.
Furthermore, the U.S. Bureau of Labor Statistics today released November’s Consumer Price Index (CPI) data of 7.1%, down from 7.7% in October. This less-than-expected CPI hinted at decreasing inflation and caused a price recovery in crypto markets.
As a result, the Ethereum price soars 3.5% and currently trades at the $1319 mark. The long bullish candle breached the $1300 monthly resistance, offering a suitable footing for buyers to lead prices higher.
Thus, if the prices show sustainability above $1300, the buyers may drive the altcoin 8% higher to revisit the $1420 mark.
On a contrary note, a daily candle closing below $1300 will undermine the bullish momentum and may extend the prevailing downtrend.
Technical Indicator
MACD: the rising MACD and signal lines indicate growth in underlying bullishness. Moreover, a potential crossover of these slopes above the neutral line will accelerate the bullish momentum.
EMAs: today’s price jump breached a dynamic resistance of 50-day EMA. However, if the coin witnessed a minor correction, this EMA could offer suitable support to resume price recovery.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1229
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1300 and $1420
- Support level- $1160 and $1100
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