Ethereum Price Prediction: he ETH price breakout from range boundaries could set a direction move. When should be ?
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Ethereum Price Prediction: Despite a recent bullish climate in the crypto market, the ETH price is struggling to recover from the $1,530 support level. Over the past week, the coin has made two unsuccessful attempts to breach the $1,600 mark, indicating strong overhead supply pressure. If this resistance endures, the coin price might remain in a consolidation phase above the $1,500 support level.
Emerging Pattern Hints a Rally to $1745
- Ethereum Fear and index at 48% reflect a neutral sentiment in the market
- A bullish breakout from $1745 could set a direction trend in the ETH price
- The intraday trading volume in Ether is $6.6 Billion, indicating a 34% gain.
In today’s trading, the Ethereum price posted an intraday gain of 2.68%, exhibiting a bullish morning Star candle pattern that originated from the $1,530 support. Such a pattern at a crucial support level often signals an imminent bullish reversal.
However, the candle formation today shows a high wick, suggesting the presence of sellers around the $1,600 level. If this supply pressure persists, the ETH price could continue its consolidation, potentially revisiting the $1,530 level to regain bullish momentum.
As of now, the second-largest cryptocurrency Ethereum trades at $1,609. For a more confident recovery to be confirmed, it needs to surpass its October 16th high of $1,556. Achieving this could position Ethereum for a quick 5% rally to $1,572 and complete a bullish Double Bottom reversal pattern.
Is ETH Price Ready for Recovery?
In the broader context, the ETH price has been traveling in a sideways trend oscillating between $1,745 and $1,530 horizontal level. Amid this consolidation, the daily chart shows the forming of what appears to be a double-bottom pattern, a bullish reversal indicator. Should this pattern play out, the Ethereum price has the potential to break out of its current consolidation range, aiming for a breach above the $1,745 mark, thereby heralding a new recovery trend.
- Super Trend: A red film projected in the daily indicates the sellers pose an upper hand
- Relative Strength Index: Contrary to sideways action, the daily RSI slope showing an evident rise indicates the increasing bullish momentum at bottom support.
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.