Ethereum Price Prediction: The Ethereum coin in the daily chart started showing signs of trend reversal during November-December 2022 with the formation of a new higher low in price. Moreover, the peak of April 2023 marked a higher high indicating a change in trend-defining dow theory. This formation of these higher peaks and troughs reflects an established bull trend which may gradually surge the ETH price high-up in the price chart.
Connecting the higher lows in the Ethereum price, the daily chart shows two rising trendlines(yellow). The coin price is obtaining strong support at this trendline offering potential buyers to accumulate at the dips.
Thus, until these two trendlines are intact, the ETH price would remain bullish in the long term.
Chart Pattern May Kickstart New Recovery Cycle
For over a month, the Ethereum price has been witnessing a correction phase under the influence of a wedge pattern. From the April 2023 peak of $2138, the prices tumbled 15% to reach the current price of $1813.
Concerning the longer bullish trend, this correction seems temporary which could offer trades another pullback opportunity to reaccumulate.
As of now, the Ethereum price trades at $1813 with an intraday of 0.01%. However, interested buyers must for a bullish breakout from the overhead trendline of the wedge pattern.
This breakout would recuperate the buying momentum and bolster buyers to surpass the $2138 swing high.
Technical Indicator
Exponential Moving Average: The ETH price moving above the 100-and-200-day EMAs project a bullish market sentiment.
Fibonacci Retracement Tool: The ongoing correction phase still above the 50% retracement level gives additional confirmation for buyers have an upper hand.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1812
- Trend: Bearish
- Volatility: High
- Resistance level- $1830 and $1920
- Support level- $1700 and $1600
This article was originally published by CryptoNews.
