Here’s Why Ethereum Coin Price Is At Risk Of 10% Correction? – Crypto News – Crypto News
Connect with us
CME Clears Regulatory Hurdle, Launches Ether (ETH) Options Ahead Merge CME Clears Regulatory Hurdle, Launches Ether (ETH) Options Ahead Merge

Business

Here’s Why Ethereum Coin Price Is At Risk Of 10% Correction? – Crypto News

Published

3 years ago

on

Published 7 minutes ago

Following a massive bullish rally, the ethereum coin price has shown several higher price rejection candles near the $1600 mark in the last few days. This rejection hints at the exhausted bullish momentum, which could encourage a minor pullback in the near term. Here’s what you can expect if Ethereum starts falling in the coming weeks.

Key Points:

  • A potential correction could tumble the ETH price by 5-10%
  • The rounding bottom pattern may eventually lead the ETH price to $1660
  • The intraday trading volume in Ether is $7.4 Billion, indicating a 5.5% loss.

Ethereum Coin PriceSource- tradingview

Under the influence of a rounding bottom pattern and the ongoing recovery in the crypto market, the Ethereum price witnessed a parabolic rally within the last three weeks. This bull run surged the ETH price by 35.6% since January 1st, where it currently trades at $1597.

Furthermore, the increasing volume activity and breakout from multiple resistance levels indicate a high momentum recovery. The last resistance the Ethereum price breached was the $1500 psychological level, offering buyers suitable support to boost further growth.

However, while the altcoin hovers above the breached resistance, the daily candle shows multiple higher price rejections suggesting the exhausted bullish momentum. These rejection signs hint the altcoin could witness a minor correction before resuming the prevailing uptrend.

Also Read: Top 10 DeFi Lending Platforms In 2023

Anyhow, this potential correction will be healthy for the Ethereum coin as it experienced a sharp rally in a relatively short period. Furthermore, a minor correction to retest the breached levels will determine whether the ETH price can sustain higher levels.

A potential pullback could revisit the $1500 or $1420 support to replenish the bullish momentum.

Having said that, in response to the rounding bottom pattern, the Ethereum coin price is expected to drive a sustained rally to the $1660 neckline.

technical indicators

MACD: The MACD and signal line maintain a significant gap between them, indicating the sustained buying pressure in the market.

EMA’s: the recently breached 200-day EMA wavering around the $1500 mark increase the support strength at this level. Furthermore, the 20-day EMA at $1400 does the same job.

Ethereum Coin Price Intraday Levels-

  • Spot Rate: $1598
  • Trend: Bullish
  • Volatility: Medium
  • Resistance level- $1660 and $1800
  • Support levels- $1500 and $1420

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending