How long until the Ethereum price can continue the upward recovery?


Posted 21 minutes ago

Over the past three weeks, the Ethereum coin price has resonated with a bullish wedge pattern. This pattern is formed when an asset price moves up within two converging trend lines. In theory, the converging trendline is a sign of exhausted bullish momentum, which layer provides a bear ohs analysis on the pattern’s support trendline.

Basic points:

  • The price range within the bullish wedge pattern is not a trading zone
  • The breakdown below the pattern support trend line put ETH at the $1350 level.
  • Intraday trading volume in Ether is $8.01 billion, indicating a gain of 8.5%.

TradingView chartSource- Tradingview

After a stunning recovery in the Ethereum coin price, the price momentum seems to have reached the $1680 high resulting in an uptrend on the daily chart. However, given the previous uptrend, this continued price action represents a short breakout period that suggests the possibility of an extended uptrend.

Therefore, despite the last three weeks of consolidation, the price stance supports the optimism of Ethereum holders and promises a price increase in the coming weeks. So far, Ether’s market value stands at $1649 with an intraday drop of 1.5% percentage reflecting increased selling pressure at the $1680 level.

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Thus, if the daily candle manages to close above the overhead resistance, traders can expect prices to rise by 20% and reach the $2000 mark.

Anyway, in the basic idea, the rising wedge is a volatile pattern, and therefore, a break below the trendline will intensify the selling pressure.

Technical Indicator

MACD: MACD is designed to detect changes in momentum and trend. Therefore an obvious drop in MACD (blue) and signal (orange) slope indicates bullish momentum;

EMA: the 20-day EMA continues to provide dynamic support to the rising Ethereum currency

Intraday Ethereum Coin Price-

  • Spot rate: $1641
  • Trend: Downward
  • Volatility: Moderate
  • Resistance level – $1680 and $1800
  • Support level – $1500 and $1370

I have been working in Journalism since the last 5 years. I have been following Blockchain & Cryptocurrency for the past 3 years. I have written about a variety of different topics including fashion, beauty, entertainment and finance. Raech out to me at brian (at)

The content presented may include the personal opinion of the author and is subject to terms of purchase. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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