Published 2 hours ago
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.
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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.
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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,
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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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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/how-long-till-ethereum-price-may-resumes-bullish-recovery/
