Ethereum Price Prediction: under the influence of a rising channel pattern, the ETH price rides a steady growth with a minor pullback, should you enter this dip
Published 31 mins ago
Ethereum Price Prediction: The cryptocurrency market witnessed a surge in volatility as the digital assets Bitcoin and Ethereum entered into a minor correction. This pullback has plunged the ETH price from a recent top of $2400 to $2238, registering a 7.4% loss. However, this retracement lies within the range of a rising channel pattern and projects the recovery is intact.
Also Read: Peter Brandt Stirs Debate with Harsh Critique of Ethereum
Channel Pattern Hints Next Jump Above $2500
- A channel pattern leads the current recovery trend in the ETH price
- Until the pattern’s lower trendline is intact, the coin holders can enjoy the bull rally
- The intraday trading volume in Ether is $10.2 Billion, indicating a 78% gain.
Since mid-October, Ethereum (ETH) has shown a robust recovery, beginning with a rebound from the $1522 support level. This rally is best understood through the lens of a channel pattern, characterized by two ascending trendlines that have been providing dynamic resistance and support to the price movements.
On December 13th, the Ethereum price marked its latest recovery from the lower trendline of this pattern, evidenced by a morning star candle formation. This reversal propelled the price to its current level of $2243, signaling the onset of a new bull cycle within the confines of the channel pattern.
If the ETH price continues to adhere to the trajectory set by this channel pattern, we could see a 12-15% surge, potentially reaching the upper trendline in the region of $2500 to $2600. As long as these two trendlines remain intact, Ethereum is likely to maintain its upward trajectory, albeit with minor pullbacks along the way.
However, a breakout above the channel’s resistance could significantly amplify buying momentum, potentially leading to a more substantial recovery. In such a scenario, initial targets could be set at $2730, with a further potential rise to $3260, marking key milestones in Ether’s bullish journey
Can ETH Price Fall Back to $2000
While the current market outlook for Ethereum price seems strongly bullish, the rising channel pattern in a strong rally can commonly lead to a decisive breakdown from the lower trendline. This breakdown would likely intensify the selling pressure and trigger a significant correction in ETH price. Thus, under the influence of this pattern, the Ethereum coin may revisit $2000 coin again
- Bollinger band: Despite the current retracement in the upper boundary of the Bollinger band indicator, indicates the recovery momentum is active.
- Relative Strength Index: A lower high formation in the daily RSI slope reflects the weakening of buyers’ strength in the market.
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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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