ETH Price Prediction: New Recovery Cycle in Ethereum Price Hints a 10% Rally Ahead

ETH Price Prediction: On April 25th, the Ethereum price rebounded the combined support of $1840 and 38.2% with a tweezer bottom candle pattern. A reversal pattern at crucial support increases the possibility for the coin price to undermine the prior correction and resume price recovery. A post-correction rally along with the news spread for another U.S bank at risk of collapse caused a significant uptick in the crypto market.

Key Points: 

• In theory, a correction to 38.2% is considered an established uptrend to prolong the price rally
• The coin buyers need a breakout above the $2000 psychological barrier to accelerate the underlying bullish momentum.
• The intraday trading volume in Ether is $11.4 Billion, indicating a 38.5% gain.

Source- Tradingview

As per the recent reports, the First Republic Bank is facing massive capital outflows resembling the Banking crisis witnessed during Mid-march. As a result, the crypto market received significant buyer pressure and surged several major cryptocurrencies higher in the last two days.

Thus, the Ethereum price surged 5.5% and is currently trading at the $1946 mark. With sustaining the buyers should soon hit the $2000 as potential resistance. A breakout above this level is crucial for ETH holders as it will encourage a further 7.5% rally to challenge the last swing high resistance of $2138.

Also Read: 15 New Cryptocurrencies In Upcoming Binance Listing For 2023

Conversely, if the coin price shows a reversal sign at $2000, the potential buyers must be cautious as it may lead to the formation of a new lower high to prolong the correction phase.

Technical Indicator

Relative Strength Index: The daily RSI slope rise above the midline reflects the positive sentiment in returning to the Ethereum coin

Exponential Moving Average: with the recent correction, the 50-day EMA slope acted as excellent pullback support in an established uptrend.

Ethereum Coin Price Intraday Levels-

• Spot rate: $1946
• Trend: Bullish
• Volatility: Low
• Resistance level- $2000 and $2138
• Support level- $1850 and $1775

The post ETH Price Prediction: New Recovery Cycle in Ethereum Price Hints a 10% Rally Ahead appeared first on CoinGape.