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The Ethereum price witnessed a sideways trend for the past two months and showcased the formation of a megaphone pattern in the daily time frame chart. During this consolidation, the coin price strictly bounced off two divergence trendlines reacting to a volatile phase of the market. However, with the ongoing recovery in the market, the ETH breaches the overhead trendline of this pattern indicating the buyers aiming to take trend control.
Key Points:
- A bullish breakout from the resistance trendline on the megaphone pattern sets the Eth price for a 12% upswing
- Ethereum Fear and Greed Index project at 66% mark(Greed), indicates the market sentiment is positive for further growth.
- The intraday trading volume in Ether is $11.5 billion, indicating a 9% gain.
Source- Tradingview
Ethereum Price Completes A Two-Month-Long Bullish Pattern
Amid the U.S. bank crisis, the crypto market witnessed a sudden surge in buying pressure and triggered a recovery phase in a majority of major cryptocurrencies. As a result, the Ethereum price bounced off $1420 support on March 10th and carried a bullish rally of 27.5% to reach the current price of $1813.
With this recovery, the buyers gave a significant breakout from the megaphone pattern resistance trendline on march 17th. This breakout is a sign that the Ethereum price escapes market volatility and aims to resume a bullish recovery.
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However, this coin price is likely to revert back to the breached trendline to check suitability at higher levels. The retest phase could also offer long entry opportunities which could drive the ETH price to the following targets of $1890, $2010, and $2151.
On a contrary note, if the ETH plunged back below the ascending trendline, the prior breakdown will be considered as a fake out or bear trap and will accelerate the selling pressure in the market.
Technical Indicator
Bollinger band: The Ethereum coin reached the upper band of the Bollinger band indicator suggesting the price may coil up at above $1780 before the post-breakout rally.
MACD: the increasing gap between the MACD(Blue) and the signal(Orange) line as they move higher into the bullish territory indicates the buying pressure is high.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1812
- Trend: Bullish
- Volatility: High
- Resistance level- $1890 and $2000
- Support level- $1770 and $1720
The post What’s Next For Ethereum Price; $2000 Or $1500? appeared first on CoinGape.
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