Here’s Why This Chart Pattern May Push Ethereum Price To $1000
Earlier today, the crypto market witnessed an aggressive sell-off, in response to the correlation with the US market. However, as the panic selling eased off, the Ethereum price showed a strong rebound from the lower support trendline. Thus, the coin price continues its range-bound rally within a symmetrical triangle pattern.
Key points:
- The bearish breakdown from the support trendline will resume the prevailing downtrend.
- The Ethereum price is trading below the major EMAs (20, 50, 100, and 200) that serve as multiple hurdles for bullish recovery.
- The intraday trading volume in Ethereum is $11.1 Billion, indicating a gain of 28.7%.
Source- Tradingview
The crypto market has faced high volatility since last month caused by the release of high CPI data, fear of a higher interest hike from the Fed, and now the recent sell-off in the global market. However, even though this macro event puts significant pressure on the crypto coins, it seems the Ethereum price is strictly following a single pattern structure.
The daily technical chart shows the Ethereum price forms a symmetrical triangle pattern. In theory, it is a continuation pattern and favors the resumption of the prior trend, which in our case, is bearish. However, the possibility for the triangle’s upside breakout isn’t nil.
Thus, until the price remains within this triangle, the ETH/USDT pair will suffer uncertainty.
As of now, the Ethereum price currently trades at $1299 with an intraday gain of $1.32. Thus, the buyers have completely offset the earlier sell-off and rebounded the price from the pattern’s support trendline.
Thus, a new bull cycle indicated within the pattern should push the prices to hit the overhead trendline. Anyhow, Thus, an actual breakout of the triangle from any side will give additional confirmation for future trends.
Technical indicator-
EMAs: the 20-day EMA offers dynamic resistance to assist sellers in maintaining the price pattern.
Relative strength index: the rising RSI slope indicates the growth in bullish momentum. Thus, the buyers have an extra edge in breaking the overhead resistance trendline.
Ethereum intraday price levels
- Spot price: $1297
- Trend: Sideways
- Volatility: High
- Resistance level- $1400 and $1550
- Support level- $1200 and $1000
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