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

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%.

Source- 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