This Bullish Pattern Keeps Ethereum Price Under Buyers’ Control; Is $2000 Within Reach? – Crypto News – Crypto News
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This Bullish Pattern Keeps Ethereum Price Under Buyers’ Control; Is $2000 Within Reach? – Crypto News

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2 years ago

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Published 7 minutes ago

After a remarkable recovery in the first month of 2023, the ether price formed a local top at $1673. However, since then, the coin price has returned sideways and started consolidating in a fixed range. Having said that, this consolidation is part of a famous bullish reversal pattern called cup and handle. Here’s how this pattern could assist buyers in maintaining trend control.

Key Points:

  • Under the influence of the cup and handle pattern, the Ethereum price holds a higher possibility of surpassing the $1675.
  • Amid ongoing consolidation, if the daily candle closes below the $1500 support, the bullish thesis will get invalidated.
  • The intraday trading volume in Ether is $10.8 billion, indicating an 18% gain.

Ethereum PriceSource- tradingview

The cup and handle pattern is formed by two U-shaped curves that creates the shape of a cup, followed by a smaller downward curve that forms the handle. The cup is formed as the price of a stock decreases over an extended period of time, creating a “U” shape. The handle is a brief consolidation period where the price moves sideways or slightly downward before continuing its upward trend.

Thus, the Ethereum price is currently going through this short-handle phase. Amid the recent sell-off in the crypto market, the coin price reverted from $1680, indicating the sellers continue to defend this level. As a result, the ETH price plunged 8.5% in the last three days and currently trades at the $1544 mark.

Also Read: Top 10 DeFi Lending Platforms In 2023

Although the ongoing consolidation may last longer with the negative sentiment across market participants, the coin holders remain bullish until the $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 indicators

MACD: A steady decline in MACD(Blue) and signal (Orange) lines indicated the coin is experiencing sustained selling at higher levels.

EMAs: 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
  • Trend: Bearish
  • Volatility: High
  • Resistance level- $1684 and $1785
  • 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.

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