ETH Price Prediction: Can the New Relief Rally Push Ethereum Coin above $1500?

ETH Price Prediction: The increasing FUD in the crypto market has led the Ethereum coin to the formation of a megaphone pattern. In theory, this pattern formation itself is a sign of high volatility as the asset price shows increasing swing highs within the diverging trendlines. Amid the recent sell-off, the ETH price plunged back to the pattern’s lower support trying to recuperate bullish momentum.

Key Points: 

• A bullish reversal from 0.5 FIB support encourages the Ethereum price to revisit the $1500 flipped resistance. 
• A potential death crossover between the 50-and-200-day EMA 
• The intraday trading volume in Ether is $8.6 billion, indicating a 42% loss.

Source- Tradingview

On March 11th, the Ethereum coin price rebounded from a highly concentrated support zone consisting of technical levels such as a 0.5 Fibonacci retracement level, a support trendline, and a horizontal level of $1420 using a morning star candle pattern. A bullish reversal from strong support with a bullish candle structure encourages the ETH price for a significant recovery.

Moreover, as per the technical setup of the megaphone pattern, a price reversal from the lower trendline triggers a new bull cycle to revisit the above trendline. Thus, Ethereum price is set for a potential upswing that could surpass the $1720 peak.

However, considering the overall negativity in the crypto market, potential buyers should be cautious of the overhead resistance of $1500. These round-number price levels often act as strong psychological resistance or support to an asset’s price

Also Read: What Is Regenerative Finance (Refi) And Who Is It For?

On a contrary note, a bullish breakout from the $1500 resistance will give buyers additional confirmation to raise the coin price higher.

Technical Indicator

EMAs: The 100-day EMA slope moving near the $1500 mark strengthens the resistance power of this level.

RSI: The daily RSI slope moving low in bearish territory indicates the overall market sentiment is strongly negative.  

Ethereum Coin Price Intraday Levels-

• Spot rate: $1456
• Trend: Bearish
• Volatility: Medium
• Resistance level- $1500 and $1660
• Support level- $1420 and $1340

The post ETH Price Prediction: Can the New Relief Rally Push Ethereum Coin above $1500? appeared first on CoinGape.