Here’s how Ethereum Price could escape from ongoing consolidation


Published 47 minutes ago by
Brian Bollinger The Ethereum price has oscillated between $1680 to $1500 for over a month. This created a rectangle pattern or narrow consolidation period. This pattern is usually formed after a significant rally and is considered a retesting period before prices continue with a bull trend. Thus, a breakout opportunity will be a key factor here to determine the near future price of Ethereum.advertisementKey Points: On November 16th, the long higher price rejection candle at $1680 indicates the overhead supply pressure is high.
A breakout of the rectangle pattern on either side will result in a significant rally for the other side.
Ether’s intraday trading volume is $11.6 billion. This indicates a 3.4% loss.
Source: Tradingview. The Ethereum price experienced a strong inflow earlier this week and rebounded from the $1500 local support. The bullish reversal drove the coin price 12.2% higher in order to overcome the range resistance of $1680. On February 16th, the coin made a breakout attempt at the $1680 barrier and reached an all-time high of $1740. The overhead selling pressure weakened buyers and the prices fell below $1640 by the end of the day. Trending StoriesAlso read: CRYPTO ELEGRAM CHANNELS LISTED 2023The resulting long-wick rejection candle highlights the high supply pressure that still exists. The Ethereum price is currently trading at $1667, but if it shows sustainable below the $1680 mark then the ongoing consolidation will likely extend for a few sessions. A potential bearish reversal could also cause the ETH price to drop below $1680 support. Therefore, the daily candle must close above the rectangle pattern’s level to start a directional rally. A breakout above $1680 will indicate a continuation of the bullish rally. This may allow the price to rise to $2000. AdvertisementEMAs: The price of a coin trading above the critical EMAs (20, 50, 100 and 200) indicate that buyers have an upper hand. The 50- and 200-day EMAs close to a bullish crossover could encourage a $1680 breakout. Ethereum Coin Price Intraday LevelsSpot Rate: $1666
Trend: Bullish
Medium Volatility
Resistance level – $1680 and $1788
Support level: $1500 and $1420
Share this article on:advertisementAbout author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.


Add a Comment

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