Ethereum Price Sustains Higher Ground, More Recovery Ahead?
The ongoing recovery in Ethereum price continues to knock out higher resistance levels and regain its lost ground. The altcoin has recently breached the $1500 psychological level, offering another breakout opportunity for sideline buyers. But how far can this bull run go?
Key points:
- A rounding bottom pattern governs the ETH price action
- The 20-and-50-day EMA nearing a bullish crossover could boast Ethereum price recovery
- The intraday trading volume in Ethereum is $11.1 Billion, indicating a gain of 28.7%.
Source- Tradingview
Amid the recent recovery in the crypto market, the Ethereum coin price managed to escape its long consolidation between $1400 and $1250. Over the past eight days, the altcoin has gained 23.5% and reached its current price of $1536.
In addition, the daily technical chart shows the formation of a rounding bottom pattern. This bullish pattern is often spotted in the market bottom and can bolster sustained buying pressure in the ETH price.
Moreover, the Ethereum price has recently breached a horizontal level of $1500, offering higher support to lead the recovery cycle ahead. As of now, the daily candle shows a long-tail rejection candle at the $1500 mark, indicating the demand pressure persists at higher levels.
Thus, the post-retest rally should drive the prices 16.8% high to hit the neckline resistance of the aforementioned pattern. A bullish breakout from this pattern will accelerate the buying momentum and bolster further recovery.
However, the potential recovery may face hurdles at the $1650 and $1780 mark.
Technical indicator-
EMAs: the recent recovery in Ethereum price has regained the 100-day EMA slope. This breached resistance has flipped into valid support and assisted coin buyers in sustaining above the $1500 mark. On the other hand, the 200-day EMA moving around $1780 resistance forms an additional barrier against buyers.
Relative strength index: the rising RSI slope spiked into the overbought region, indicating the coin price has rallied too quickly in a short span. Thus, a longer correction or consolidation above the $1500 mark is expected before further growth.
Ethereum intraday price levels
- Spot price: $1535
- Trend: Bullish
- Volatility: Low
- Resistance level- $1650 and $1780
- Support level- $1500 and $1400
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