New bullish pattern emerges in the Ethereum Coin Technical Chart. Is $1500 within reach?
Published 42 minutes ago by
Brian Bollinger The Ethereum coin surged 11.5% over the past ten days, despite a declining trendline amid the recovery in crypto markets. The altcoin is currently trading at $1330 and trying to break the $1340 monthly barrier. This resistance level is also the neckline of a bullish pattern called ascending triangle, which could accelerate buying pressure in the near term.advertisementKey points: A potential bullish crossover between the 20-and-50-day EMA would increase the possibility for a $1340 breakout.
A break below the rising support trendline will invalidate bullish thesis.
Ether’s intraday trading volume is $5.3 billion, which represents a 76% increase.
Source: TradingviewThe daily chart shows that the Ethereum price has been in a sideways trend over the past two months. The $1340 level was a critical resistance during this consolidation and actively limited any bullish growth. However, a new support line has emerged with the recent improvement of the crypto market. This bolsters buyers for reclaiming higher prices. This rising support trendline and fixed resistance level indicate the formation of an ascending triangular pattern. Trending StoriesThe rising bullish momentum in market is evident in the chart’s higher low swing. This core concept could allow the ETH price to break the pattern neckline resistance, which would provide long entry opportunities for traders interested in the market. Also, a daily candle closing higher than the $1340 neckline will give buyers a better chance of leading the bullish rally. The bull could drive 13.5% higher with sustained buying to reach the $1500 psychological level. However, the daily chart on January 9th showed a higher price rejection candle at $1340 support. This rejection indicates that sellers are continuing to defend the barrier. Therefore, prices may consolidate for a few more trading sessions before exhibiting a breakout. Technical IndicatorRSI – The daily RSI slope saw no restriction from above and displayed a steady uptrend. This bullish divergence in indicators gives additional confirmation for upcoming recovery.advertisementEMAs: Amid the recent recovery, the ETH price reclaimed the 20-50-and-100-day EMAs providing more support levels for long traders.Ethereum Coin Price Intraday Levels-Spot rate: $1329
Resistance level: $1340 and $1420
Support level: $1230 and $1160
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