Bullish Pattern Complete Forecast Ethereum Price to Surge 10% In Coming Week

On May 5th, the Ethereum price witnessed a massive inflow and recorded a 6.3% intraday gain. Reports say several traders are turning their Pepecoin profits into Ethereum causing this sudden spike in price. Furthermore, with the recent jump, the coin price breached a resistance trendline of a symmetrical triangle pattern indicating an additional confirmation for a recovery rally.

Key Points: 

• The Ethereum price correction didn’t plunge below the 50% Fibonacci retracement level indicating the overall market trend is bullish.
• A bullish breakout from the symmetrical triangle patterns may trigger a fresh recovery in the Ethereum price
• The intraday trading volume in Ether is $10.9 Billion, indicating a 65.5% gain.

Source- Tradingview

The recent correction in Ethereum price turned sideways after hitting the $1800 support and shaped into a famous chart pattern called a symmetrical triangle pattern. This pattern formation creates a temporary consolidation phase which eventually triggers a direction rally once the price breach either of its trendlines.

With the recent price hike, the buyers breach the pattern’s overhead trendline and local resistance of $1946, offering an addition for uptrend resumption. However, the coin price is 3%, and retest the aforementioned resistance as potential support.

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If the Ethereum price manages to sustain above the new flipped support, interested traders can look for an entry opportunity to go long. The post-breakout rally may surge the coin price 10% higher to hit the last swing high of $2140.

On a contrary note, if the daily candle closes below $1946 or the pattern’s trendline bullish thesis will offset.

Technical Indicator

Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and signal(orange) line hints at a sign of upcoming recovery. 

Bollinger Band: The Ethereum price surged above the midline of the Bollinger Band indicator suggesting the market buyers are wrestling to take trend control.

Ethereum Coin Price Intraday Levels-

• Spot rate: $1930
• Trend: Bearish
• Volatility: Medium
• Resistance level- $2143 and $2400
• Support level- $1800 and $1700

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