Can Ethereum Coin Escape Market Uncertainty and Hit $2000 Target
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Brian Bollinger For the past three weeks, the Ethereum coin price has been stuck at $1649 and has stretched from $1677 levels to $1500 levels. The current price of the coin is $1649, and continues to be rejected from the $1677 threshold. This overhead selling pressure may encourage a prolonged correction, but the narrow range being part of a cup and handle pattern keeps the bullish trend intact.advertisementKey Points: In theory, the cup and handle pattern is a famous bullish reversal pattern offering a significant bull run upon the breakout of its neckline resistance.
The market sentiment remains bullish if the RSI indicator value is still above the midline.
Ether’s intraday trading volume is $5.8 billion, which indicates a loss of 1.2%.
Source: TradingviewThe formation of a cup-handle pattern has been evident in the price action in Ethereum coin prices over the last three months. It has shown a steady u-shaped recovery (‘cup’), followed by a minor consolidation (‘handle’). The ETH price is currently stuck at a minor consolidation, or handle portion. This indicates that the sellers are continuing to defend this resistance. If the selling pressure is not removed, the Ethereum price could revert to this resistance and consolidate in a narrow range. Trending StoriesAlso read: Top Crypto Marketing Firms/ Agencies 2023; Here are our Best PicksTraders looking for entry opportunities should wait for Ethereum to break the $1677 neckline support. A daily candle closing above the mentioned ceiling would release the trapped bullish momentum.In a favorable bullish scenario, this breakout could drive ETH price to potential targets of $1800, $2000, or $2300.On a contrary note, if the ETH breaks $1500 amid this consolidation, the coin price may enter a correction phase.Technical IndicatorRSI: the falling daily-RSI slope hints at the exhaustion of bullish momentum and encourage the prolonged sideways trend.advertisementEMAs: the 50-and-200-day EMA assembled at the $1500 mark creates a high area of interest zone coin buyers.Ethereum Coin Price Intraday Levels-Spot rate: $1656
Resistance level – $1680 and $1800
Support level: $1500 and $1370
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