NewsletterSupply Pressure At Monthly Resistance Puts Ethereum Price Under Correction Threat; Back To $1500?
The Ethereum price’s ongoing recovery takes a halt at the $1720 resistance. This horizontal barrier aligned with the resistance trendline of the megaphone pattern indicates a high supply zone which could trigger a new correction for ETH. Will this altcoin go back to $1500 or reach $2000 in the coming weeks?
Key Points:
- Today’s daily candle shows a long higher price rejection indicating that Ethereum price faces high supply pressure at $1780
- The exponential moving average indicator(20, 50, 100 , and 200) moving a lateral indicates a sideways trend for ETH
- The intraday trading volume in Ether is $11 billion, indicating a 6.2% gain.
Source- Tradingview
An upright rally in the Ethereum price recorded 25% growth since last week. This bullish reversal reflected the bull cycle within the megaphone pattern and pushed the prices to a combined resistance of $1780 peak and the overhead trendline.
Over the past four days, the daily chart showed higher price rejection candles at the aforementioned resistances indicating the sellers are actively defending this level. Such rejection signs at the megaphone pattern’s resistance trendline project a significant possibility for price reversal.
Also Read: Top 6 Liquid Staking Platforms On Ethereum
However, with an overall market reflecting a recovery sentiment, the coin holders can wait until the Ethereum price holds above $1650. A breakdown below above mentioned support will accelerate the selling pressure and may bolster a direction fall.
Conversely, if the coin price shows suitability above $1650, the buyers can attempt to breach the above trendline and prolong a bullish rally.
Technical Indicator
Bolinder Band: the coin price retesting the upper band of the Bollinger band indicators suggests a minor price consolidation above $1650 is plausible.
RSI: The daily RSI slope rising in the bullish territory indicates the market sentiment is in favor for a prolonged rally.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1722
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1780 and $2000
- Support level- $1650 and $1550
- ‘Cardano Didn’t Go Down,’ Charles Hoskinson Pushes Back On Network FUD
- ‘I Won’t Back Down,’ Michael Saylor Reinforces Strategy’s Bitcoin Mission
- Eric Trump Says Now Is a Great Time to Buy Bitcoin Amid Crypto Crash
- Dogecoin, Cardano, Shiba Inu Eye Wider Adoption as Coinbase Announces Perpetual-Style Futures
- Solana News: SOL’s Supply Could Drop Twice as Fast as Disinflation Proposal Goes Live
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
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.
Premium Partners
