NewsletterHere’s How You May Trade Ethereum Coin Amid Ongoing Consolidation
Amidst the recent recovery in the crypto market, the Ethereum coin price managed to form $1500 support and rechallenge the monthly resistance of $1700-$1680. However, the daily candle showcasing several higher price rejections at his resistance indicates the traders are aggressively selling at this resistance. These rejection signs suggest the ongoing consolidation in ETH price will continue.
Key Points:
- The market participants can consider the area between $1700 and $1500 as a no-trading zone.
- A price breakout from either side of this range will trigger a directional rally for Ethereum.
- The intraday trading volume in Ether is $6.5 billion, indicating a 3.3% loss.
Source- Tradingview
For over a month, the Ethereum coin price restricted resonated between the $1700-$1680 and $1500 level, showcasing a sideways trend. The several price reversal from these levels indicates the market participation in uncertainty.
By the press time, the Ethereum price traded at $1690 with an intraday loss of $0.02%. Anyhow, as mentioned above, the rejection candles at $1700 resistance indicate the altcoin is likely to witness another bear cycle within this range.
This potential bearish reversal may plunge the ETH price by 11.5 to make its way back to $1500. Therefore, the new traders looking for an entry opportunity should wait for a price breakout from either level of the range.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
Anyhow, knowing the trend prior to the consolidation phase was bullish, the ETH price is more likely to breach the overhead resistance and continue the bull trend.
A daily candle closing above $1700 will offer a long entry opportunity and signal the recuperated bullish momentum. The post-breakout rally pushed the prices 18.5% up to reach $2000, with $1790 and $1900 as in-between resistances.
However, if the coin holders lose $1500 support, the ETH price will likely hit the $1360 mark.
Technical Indicator
ADX: a significant drop in the daily ADX slope indicates the loss of bullish momentum, accentuating a higher possibility for prolonged consolidation.
EMAs: A bullish crossover between the 50-and-200-day EMA could encourage more buying orders in the market.
Ethereum Coin Price Intraday Levels
- Spot rate: $1685
- Trend: Bearish
- Volatility: High
- Resistance level- $1700-1680 and $1790
- Support level- $1500 and $1361
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