Published 5 hours ago
The Ethereum coin price witnessed sustained recovery under the influence of a rising trendline. Amid the new year recovery in the crypto market the Ethereum price has surged 20% in the last two weeks pushing its price to $1421. However the increasing selling pressure at $1421 encourages a possible bullish reversal.
Key points:
- An ascending trendline govers the ongoing recovery in Ethereum price
- A potential bullish crossover between the 20-and-100-day EMA would bring additional buy orders in the market.
- The intraday trading volume in Ether is $5.3 Billion, indicating a 76% gain
Source- Tradingview
The daily time frame chart shows the Ethereum price has been rising in a bullish trend for the past two weeks with a double bottom pattern. During this recovery rally, the price action gave an upside breakout of an ascending triangle pattern.
Moreover, a new support trendline in action displays an improvement in the market sentiments and supports the possibility of further recovery. However, the bullish triangle breakout sets up a position of a retest which may lead to a short term correction.
Hence, a retest possibility to the broken resistance level $1340 is high as the supply pressure increases at the overhead resistance of $1421. Thus, a daily candle with higher price rejection at $1421 will confirm a retest phase.
A potential pullback in the ethereum price may tumble by 7% to revisit the ₹1340. If the bullish momentum replenishes at this support, the interested traders.
Technical Indicator
RSI: the RSI slope soars high into the bullish territory accentuating high bullish momentum.
EMAs: Amid the recent recovery, the ETH price breached the 20-50-and-100-day EMAs. In case of possible pullback these EMAs Mai act as a significant support to resume the prior rally.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1419
- Trend: Bullish
- Volatility: Low
- Resistance level- $1500 and $1650
- Support level- $1250 and $1240
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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