Published 7 seconds ago
Since last month, the Ethereum price has resonated in the fixed range spread from $1680 to the $1500 mark. With the recent sell-off in the crypto market, the Ethereum price has returned to $1500 support, trying to replenish the exhausted bullish momentum. However, the U.S. Bureau of Labor Statistics released January CPI as 6.4% causing mixed sentiment in the crypto market.
Key Points:
- The long lower price rejection candle at $1500 indicates the buyers are obtaining storing support.
- The Ethereum price will trigger the aforementioned bullish pattern upon the breakout of the $1680 barrier.
- The intraday trading volume in Ether is $10.8 billion, indicating an 18% gain.
Source- Tradingview
The Ethereum coin daily time frame chart showed the formation of a cup and handle pattern. This is one of the famous bullish reversal patterns that showcase a sign of sustained recovery in the market. Under the pattern influence, the coin price managed to surpass a crucial horizontal price level that bolstered further price recovery.
This pattern formation consists of a U-shaped recovery, which is the cup, followed by a minor consolidation/retracement called the handle. Thus, the ongoing consolidation in Ethereum price is the handle portion getting ready.
By the pressure time, the Ethereum price trades at the $1509 mark with an intraday gain of 0.29%. However, over the past five days, the altcoin is hovering above the $1500 support trying to recuperate bullish momentum.
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Anyhow, the U.S. Bureau of Labor Statistics just announced January CPI as 6.4%, which is higher than the expected 6.2%. Just after CPI data was released, the Ethereum price showed huge price fluctuation, but by press time registered a 3.3% intraday gain.
However, as long ETH price sustained above $1500 support, the above-mentioned bullish pattern will remain valid, and so does its potential to raise a bullish rally above $1680.
On a contrary note, a daily candle closing below $1500 will trigger a longer correction.
Technical Indicator
RSI: The daily RSI slope rising above the midline indicates the buyer’s confidence is returning to Ethereum.
EMAs: the 50-day EMA slope in offering strong support to Ethereum coin price.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1559
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1680 and $1788
- Support level- $1500 and $1420
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.
