How 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