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The U- shape recovery in Ethereum coin price surged its market value by 42% in the first three weeks of 2023. The bull run formed a local top $1677 mark and started witnessing a minor correction phase. However, after an explosive rally, a temporary pull is essential for the prices to stabilize the aggressive buying. Here’s how this Ethereum price may escape this consolidation.
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Key points:
- The Ethereum price shows a consolidation phase between $1677 and $1500 levels
- A bullish breakout from $1677 will support buyer to carry and strong rally
- The intraday trading volume in Ether is $5.3 Billion, indicating a 76% gain
Source- Tradingview
However, in the 4-hour time frame chart, this consolidation has shaped into an inverted Head and Shoulder pattern. The downsloping trendline shown in the above chart is the neckline resistance of the pattern, and the buyers are currently trying to break this barrier.
The inverted head and should pattern is one of the commonly observed bullish reversal patterns, which could encourage a strong bullish rally. Today, the Ethereum price witnessed a significant inflow and jumped 3%.
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If the 4-hour candle closes above the downsloping trendline, the buyers will get suitable support to escape the ongoing consolidation phase and rechallenge the $1677.
Thus, a breakout above the $1677 neckline resistance of the cup and handle pattern will intensify the bullish momentum. In favorable market conditions, these aforementioned breaks out could drive the Ethereum price to the 2300 mark.
On a contrary note, the traders should be cautious at this resistance as another reversal from it could weaken the bullish momentum and prolong consolidation.
Technical Indicator
MACD: despite a bearish crossover, the MACD(Blue) and the signal(orange) line didn’t offer enough spread to indicate the buyers still possessed trend control.
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EMAs: the 20-and-200-day EMA wavering near the $1500 mark creates strong support for buyers during possible corrections.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1627
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1677 and $1800
- Support level- $500 and $1420
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/can-the-next-recovery-cycle-push-ethereum-price-to-2300/
