How long until the Ethereum price may resume bullish recovery?
Published 32 minutes ago by
Brian Bollinger The Ethereum coin price has been rising wedge-shaped for the past three weeks. This pattern occurs when an asset’s price moves upwards within two converging trends lines. In theory, the converging trendline are a sign of exhausted bullish momentum, which layer provides a bear ohs breakdown on the pattern support trendline.advertisementKey Points: The price range inside the rising wedge pattern is no trading zone
The breakdown below the trendline for pattern support set ETH to the $1350 mark.
Ether’s intraday trading volume is $ 8.01 trillion, which represents an 8.5% gain.
Source: TradingviewAfter a remarkable recovery in Ethereum coin prices, the price momentum seems have reached the ceiling of $1680. This has resulted in a rising wedge on the daily chart. However, the price action suggests a possible prolonged uptrend, even though it is a minor break from the previous bull run. Trending StoriesThe price stand, despite three weeks of consolidation, supports the optimism of Ethereum holders. It promises a price rise in the coming weeks. The ether market value is currently at $1649, with an intraday drop of 1.5% percentage due to increased selling pressure at $1680. Also read: Top 10 DeFi Loan Platforms in 2023. If the daily candle closes above the overhead resistance, traders can expect prices to rise 20% and reach the $2000 mark. However, the rising wedge in core concept is a bearish pattern and a breakdown below a trendline will intensify selling pressure. Therefore an evident downfall in MACD(blue) and signal(orange) slope indicates the rising bearish momentum,advertisementEMAs: the 20-day EMA continues to offer dynamics support to rising Ethereum coin Ethereum Coin Price Intraday Levels-Spot rate: $1641
Resistance level – $1680 and $1800
Support level: $1500 and $1370
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