Here’s how Ethereum Price could escape from ongoing consolidation
Published 47 minutes ago by
Brian Bollinger The Ethereum price has oscillated between $1680 to $1500 for over a month. This created a rectangle pattern or narrow consolidation period. This pattern is usually formed after a significant rally and is considered a retesting period before prices continue with a bull trend. Thus, a breakout opportunity will be a key factor here to determine the near future price of Ethereum.advertisementKey Points: On November 16th, the long higher price rejection candle at $1680 indicates the overhead supply pressure is high.
A breakout of the rectangle pattern on either side will result in a significant rally for the other side.
Ether’s intraday trading volume is $11.6 billion. This indicates a 3.4% loss.
Source: Tradingview. The Ethereum price experienced a strong inflow earlier this week and rebounded from the $1500 local support. The bullish reversal drove the coin price 12.2% higher in order to overcome the range resistance of $1680. On February 16th, the coin made a breakout attempt at the $1680 barrier and reached an all-time high of $1740. The overhead selling pressure weakened buyers and the prices fell below $1640 by the end of the day. Trending StoriesAlso read: CRYPTO ELEGRAM CHANNELS LISTED 2023The resulting long-wick rejection candle highlights the high supply pressure that still exists. The Ethereum price is currently trading at $1667, but if it shows sustainable below the $1680 mark then the ongoing consolidation will likely extend for a few sessions. A potential bearish reversal could also cause the ETH price to drop below $1680 support. Therefore, the daily candle must close above the rectangle pattern’s level to start a directional rally. A breakout above $1680 will indicate a continuation of the bullish rally. This may allow the price to rise to $2000. AdvertisementEMAs: The price of a coin trading above the critical EMAs (20, 50, 100 and 200) indicate that buyers have an upper hand. The 50- and 200-day EMAs close to a bullish crossover could encourage a $1680 breakout. Ethereum Coin Price Intraday LevelsSpot Rate: $1666
Resistance level – $1680 and $1788
Support level: $1500 and $1420
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