How long Till Ethereum Price May Resume Bullish Recovery?

Brian Bollinger
Updated
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Ethereum Realized Price At 6-Month High As ETH Staking Tops 24 Million

Over the past three weeks, the Ethereum coin price has been resonating with a rising wedge pattern. This pattern is formed when an asset price moves upwards within two converging trend lines. In theory, the converging trendline are a sign of exhausted bullish momentum, which layer provides a bear ohs breakdown on the pattern support trendline.

Key Points: 

  • The price range inside the rising wedge pattern is no trading zone
  • The breakdown below the pattern support trendline set ETH to reach the $1350 mark.
  • The intraday trading volume in Ether is $ 8.01 billion, indicating an 8.5% gain.

TradingView ChartSource- Tradingview

After a phenomenal recovery in the Ethereum coin price, the price momentum seems to have hit the ceiling of $1680 resulting in a rising wedge in the daily chart.  However, taking the previous bull run into account, this ongoing price action represents a minor break period proposing the possibility of a prolonged uptrend. 

Therefore, despite the past three weeks of consolidation, the price stand supports the optimism of Ethereum holders and promises a price hike in the coming weeks. As of now, the ether market value stands at $1649 with an intraday fall of 1.5% percentage reflecting increased selling pressure at the $1680 level. 

Also read: Top 10 DeFi Lending Platforms In 2023

Thus, If the daily candle manages to close above the overhead resistance the traders can expect the prices to rise 20% and hit the $2000 milestone. 

Anyhow, in core concept the rising wedge is a bearish pattern, and therefore, a breakdown below the trendline will intensify the selling pressure.

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Technical Indicator

MACD: The MACD is designed to identify changes in momentum and trend. Therefore an evident downfall in MACD(blue) and signal(orange) slope indicates the rising bearish momentum,

EMAs:  the 20-day EMA continues to offer dynamics support to rising Ethereum coin                                         

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Ethereum Coin Price Intraday Levels-

  • Spot rate: $1641
  • Trend: Bearish
  • Volatility: Medium
  • Resistance level- $1680 and $1800
  • Support level- $1500 and $1370
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.