Ethereum Price Prediction: Will Broader Market Recovery Push $ETH Above $1800?
Ethereum Price Prediction: Despite a recent bullish climate in the crypto market, the ETH price is struggling to recover from the $1,530 support level. Over the past week, the coin has made two unsuccessful attempts to breach the $1,600 mark, indicating strong overhead supply pressure. If this resistance endures, the coin price might remain in a consolidation phase above the $1,500 support level.
Also Read: Elevated US Treasury Yield Is Hurting Ethereum More Than Bitcoin, Here’s Why
Emerging Pattern Hints a Rally to $1745
- Ethereum Fear and index at 48% reflect a neutral sentiment in the market
- A bullish breakout from $1745 could set a direction trend in the ETH price
- The intraday trading volume in Ether is $6.6 Billion, indicating a 34% gain.
Source- Tradingview
In today’s trading, the Ethereum price posted an intraday gain of 2.68%, exhibiting a bullish morning Star candle pattern that originated from the $1,530 support. Such a pattern at a crucial support level often signals an imminent bullish reversal.
However, the candle formation today shows a high wick, suggesting the presence of sellers around the $1,600 level. If this supply pressure persists, the ETH price could continue its consolidation, potentially revisiting the $1,530 level to regain bullish momentum.
As of now, the second-largest cryptocurrency Ethereum trades at $1,609. For a more confident recovery to be confirmed, it needs to surpass its October 16th high of $1,556. Achieving this could position Ethereum for a quick 5% rally to $1,572 and complete a bullish Double Bottom reversal pattern.
Is ETH Price Ready for Recovery?
In the broader context, the ETH price has been traveling in a sideways trend oscillating between $1,745 and $1,530 horizontal level. Amid this consolidation, the daily chart shows the forming of what appears to be a double-bottom pattern, a bullish reversal indicator. Should this pattern play out, the Ethereum price has the potential to break out of its current consolidation range, aiming for a breach above the $1,745 mark, thereby heralding a new recovery trend.
- Super Trend: A red film projected in the daily indicates the sellers pose an upper hand
- Relative Strength Index: Contrary to sideways action, the daily RSI slope showing an evident rise indicates the increasing bullish momentum at bottom support.
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