This Bullish Pattern keeps Ethereum Price under Buyers’ Control. Is $2000 within Reach?
Published 35 minutes ago by
Brian Bollinger The Ethereum price reached a local high of $1673. This was after a remarkable recovery over the first month in 2023. The coin price has been trending sideways since then and has started consolidating within a fixed range. This consolidation is part of the famous bullish reversal pattern cup and handle. Here’s how this pattern could assist buyers in maintaining trend control,advertisementKey Points: Under the influence of the cup and handle pattern, the Ethereum price holds a higher possibility of surpassing the $1675
In the midst of ongoing consolidation, if the daily candles close below the $1500 support the bullish thesis will be invalidated.
Ether’s intraday trading volume is $10.8 billion. This indicates an 18% gain.
Source: TradingviewThe cup-handle pattern is made by two U-shaped curves. The first creates the cup shape, and the second creates the handle. A smaller downward curve forms the handle. The price of a stock drops over a long time creating a cup shape. The handle is a short consolidation period during which the price moves sideways, or slightly downwards, before continuing its upward trend. The coin price has reverted to $1680 despite the recent sell-off on the crypto market. This indicates that the seller is continuing to defend this level. The ETH price fell 8.5% over the last three days, currently trading at the $1544 mark. Trending StoriesAlso read: Top 10 DeFi Loan Platforms in 2023. Although the market sentiment is negative, the ongoing consolidation will continue for a while. However, the bullish coin holders will remain bullish until $1500 is defended. Furthermore, with the formation of a cup and handle pattern, the buyers are likely to end this consultation with a bullish breakout from $1684.In an ideal bullish scenario, this pattern technical setup could lead a bullish rally to $2300.Technical IndicatorMACD: A steady downfall in MACD(Blue) and signal(Orange) lines indicated the coin is experiencing sustained selling at higher levels.advertisementEMAs: the 50-and-200-day EMA moving near the $1500 mark also contributes to the overall support strength of this level. Ethereum Coin Price Intraday Levels – Spot rate: $1543
Volatility is high
Resistance level – $1684 & $1785
Support level: $1500 and $1420
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