Ethereum Price Analysis: A support trendline has given a specific direction to the ongoing recovery rally in Ethereum price. Under the influence of this trendline, the coin price has recorded 21.8% growth in the last three weeks from local support of $1700. Moreover, the rising prices recently have a breakout from $2030-$2000 psychological resistance offering buyers another stepping stone to resume a bullish recovery.
- A potential correction may tumble the Ethereum price 3-5% before the bullish rally resumes
- The ongoing recovery rally in ETH will continue until the support trendline in the daily chart is intact.
- The intraday trading volume in Ether is $5.3 billion, indicating a 27% loss.
On April 14th, the Ethereum coin price gave a bullish breakout from the $2030-$200 resistance zone, accelerating the ongoing buying momentum in the market. However, after significant growth in the asset, the prices usually retrace where it retests the breached resistance and checks its sustainability at a higher level.
Thus, the ETH price rally peaked near $2130 and reverted lower to currently trade at $2075. With sustained selling, the price may tumble 3-5% and retest the $2000 or rising support trendline.
Also Read: 15 New Cryptocurrencies To Buy In 2023
The Ethereum price already bounced four times from the aforementioned, making it a crucial support leading the ongoing rally.
Thus, the post-retest rally will recuperate the buying pressure and resume the bullish rally to a potential surge of 15% to hit 1340.
A breakdown below the rising trendline will signal a significant correction.
Stochastic: The %K and %D slope spending more of their in the overhead region indicate the overhead market sentiment is bullish. However, a bearish crossover between these slopes supports a temporary correction.
EMAs: Along with the rising trendline, the 20-day EMA doing the same job gives an extra edge to long holders.
Ethereum Coin Price Intraday Levels-
- Spot rate: $2082
- Trend: Bearish
- Volatility: Low
- Resistance level- $2340 and $2500
- Support level- $2030-$2000 and $1840
The post ETH Price Prediction: Ethereum Price Pullbacks Aiming for a 15% Bullish Move Ahead appeared first on CoinGape.
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