MEXCHow long Till Ethereum Price May Resume Bullish Recovery?
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.
Source- 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.
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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.
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
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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