Published 5 hours ago
While the overall market was struggling with uncertainty, the Ethereum price also remained trapped between two horizontal levels of $1160 and $1230. This consolation phase lasted for around two weeks and limited the ETH growth to a narrow range. However, the crypto market has turned positive since the beginning of 2023 and has created a sense of recovery among the majority of cryptocurrencies. As a result, the Ethereum price rose for four consecutive days and is 5.8% up since last week.
Key points:
- $1230 resistance breakout sets Ethereum price for an 8.2% jump
- A falling parallel channel pattern drives the ongoing downtrend in ETH
- The intraday trading volume in Ether is $5.3 Billion, indicating a 76% gain
Source- Tradingview
With today’s massive bullish candle, the ETH price broke the $1230 resistance to replenish the trapped bullish momentum. The volume activity rose during the breakout, which also bolsters the buyer’s commitment to the price rally.
Thus, if this altcoin manages to sustain above the $1230 flipped support, the price may rise more than 8.2% to hit the resistance trendline of the falling channel pattern. This pattern displays itself as carrying a downtrend between two parallel walking trendlines.
However, even though this pattern showcases a steady downtrend, In theory, it eventually provides a massive price rally upon the breakout of its resistance trendline. Thus, the ETH price bullish breakout from the resistance trendline will signal the start of a fresh recovery rally.
Also read: Popular Analyst Bullish On Ethereum Price, Makes First Trade Of 2023
On a contrary note, a bearish reversal from the overhead trendline will prolong the prevailing downtrend in Ethereum.
Technical Indicator
Relative strength index (RSI): concerning the recent price, the daily RSI surged into bullish territory(above midline), accentuating the rising bullish momentum and additional confirmation on price recovery.
EMAs: along with $1230, the prices breached the 20-day EMA, offering buyers an extra footing to rise higher.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1252
- Trend: Bullish
- Volatility: Low
- Resistance level- $1370 and $1430
- Support level- $1230 and $1160
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
