Published 9 hours ago
ETH Price Prediction: The last two weeks downfall in the Ethereum coin price is governed by a falling channel pattern. During the correction phase, ETH’s price lost 9% and is currently trading at $1572. However, until this pattern is intact the coin holders can expect a steady downtrend which could plunge this altcoin below the $1500 mark. Therefore, is it safe to hold now?
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Key Points:
- A potential bullish breakout from the channel pattern may release the trapped bullish momentum in Ethereum
- The Ethereum Fear and Greed Index at 52% indicates the market sentiment is at a neutral phase.
- The intraday trading volume in Ether is $9.9 billion, indicating a 35% gain.
Source- Tradingview
The ongoing correction phase in the Ethereum coin price continues to resonate within the two downsloping trendlines of the aforementioned channel pattern. Today, the coin price witnessed a sudden downfall of 4.65% market value and plunged to the pattern’s lower support.
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This sudden sell-off could be linked to a massive gap down in a crypto-focused bank Silvergate stock price on March 2nd. However, the ETH price retest to the lower support trendline encourages a temporary bullish pullback before the prevailing downtrend continues.
Also Read: Best Crypto Future Trading Bot 2023 ; Here’s The List
Though this pattern leads to a carry directional downtrend, in theory, it is known to trigger a directional uptrend upon the breakout of its resistance trendline. Therefore, a 4-hour candle closing above the overhead trendline will accelerate the buying pressure and encourage bulls to rechallenge the last swing high resistance at $1725-$1715.
Anyhow, this ongoing bearish correction phase is part of a bigger chart pattern called megaphone. Thus, the falling ETH price must be chasing this pattern’s lower support trendline is near the $1450 level. Here is how this new chart may influence the Ethereum coin’s future price.
Technical Indicator
EMAs: with the recent downfall the Ethereum price nosedive below the 200 EMA of the 4-hour time frame chart, This breakdown gives additional confirmation for a prolonged correction phase.
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RSI: the RSI slope wavering near the 34% mark indicates the bearish sentiment is driving the ETH price.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1564
- Trend: Bearish
- Volatility: Medium
- Resistance level- $1725 and $1788
- Support level- $1500 and $1420
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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.
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- Source: https://coingape.com/markets/eth-price-prediction-will-ethereum-price-lose-1500-support-amid-market-correction/
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