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Ethereum Price Analysis: With the increasing selling pressure in the crypto market, the Ethereum price plunged back to the long-coming ascending trendline. In the past two months, the coin price has bounced thrice from the support trendline indicating the buyers are actively accumulating at dips. Will buyers prolong the recovery further or sellers retake trend control?
Key Points:
- Multiple technical levels accumulated near the $1827 reflect a highly concentrated support.
- Bullish reversal signs at the $1827 level project a potential upswing to $2000
- The intraday trading volume in Ether is $7.8 Billion, indicating a 10% gain.
Source- Tradingview
The Ethereum price falling from the past four days consecutively shows a drop from a $2000 high to an $1827 low, registering a 9% loss. This downfall brought the coin price to a high concentrated support zone at $1827.
The aforementioned $1827 horizontal support level is also accompanied by an ascending trendline and a 23.6% Fibonacci retracement level creating a strong accumulation zone. Yesterday, the daily chart showed a long-tail rejection candle at $1827 support, indicating the buyers continue to defend this level.
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By the press time, the Ethereum price trades at the $1855 mark, and the rejection candle at support reflects a high possibility for a bullish reversal. Thus, the Ethereum price may surge 8% this week and rechallenge the $2000 barrier.
If the bullish momentum rises, a breakout above this $2000 resistance will encourage buyers to surpass the last swing high of $2130.
On a contrary note, a breakdown below the support trendline will intensify the selling pressure and plunge the ETH price for a longer correction.
Technical Indicator
Relative Strength Index: A slight incline in the daily RSI slope as Ethereum price retests the $1827 support indicates the buying pressure is rising for a potential reversal
Exponential Moving Average: Along with other support levels mentioned, the 50-day EMA slope also brings additional assistance for buyers.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1854
- Trend: Bearish
- Volatility: Medium
- Resistance level- $2000 and $2130
- Support level- $1820 and $1700
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.
