Published 1 hour ago
Following a massive bullish rally, the Ethereum coin price shows several high price rejection candles near $1600 over the past few days. , which may contribute to a small recoil in the short term. Here’s what to expect if Ethereum starts to fall in the coming weeks.
Key Point:
- Potential Correction Could Drop ETH Price by 5-10%
- A Rounded Bottom Pattern Could Finally Lead ETH Price To $1660
- Ether’s intraday trading volume is $7.4 billion, showing a 5.5% loss.
sauce- trading view
Affected by a rounding bottom pattern and the continued recovery of the cryptocurrency market, Ethereum’s price has seen a parabolic rise over the past three weeks. This bull market has seen the ETH price rise 35.6% since his January 1st and is currently trading at $1597.
Additionally, increased volume activity and breakouts from multiple resistance levels indicate a high momentum recovery. The last resistance that Ethereum’s price broke through was the $1500 psychological level, which provided buyers with just the right amount of support to boost further growth.
However, while the altcoin has held above resistance, the daily candle has shown multiple high rejections, suggesting that the bullish momentum has run out. These signs of rejection suggest that altcoins may witness a minor correction before resuming the general uptrend.
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Regardless, this potential correction is healthy for the Ethereum coin as it has experienced a sharp rally in a relatively short period of time. Additionally, a small fix to retest compromised levels will determine whether ETH price can sustain higher levels.
A potential pullback could revisit the support at $1,500 or $1,420 to replenish the bullish momentum.
That said, the Ethereum coin price is expected to continue rising to the $1660 neckline in response to the rounding bottom pattern.
technical indicators
MACD: There is a large gap between the MACD and the signal line, indicating continued buying pressure in the market.
it’s not: The strength of the support at this level is increasing as the recently breached 200-day EMA is bouncing around $1500. Additionally, his 20-day EMA at $1400 does the same.
Ethereum Coin Price Intraday Levels-
- Spot Rate: $1598
- trend: bullish
- Volatility: Medium
- Resistance Levels – $1660 and $1800
- Support Levels – $1500 and $1420
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
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