On March 17th, the price of Ethereum decisively broke through the resistance trend line of the giant wave pattern. The formation of this form itself is a sign of uncertainty among participants, highlighting the unclear trend that ETH prices have witnessed since February 2023
On March 17th, the price of Ethereum decisively broke through the resistance trend line of the giant wave pattern. The formation of this form itself is a sign of uncertainty among participants, highlighting the unclear trend that ETH prices have witnessed since February 2023. Therefore, a bullish breakthrough in the resistance trend line of this model is expected to release the trapped bullish momentum and encourage a significant price increase.
Key points:
- The bullish breakthrough of the resistance trend line in the form of loudspeakers indicates a possible bull market in the future
- The rebound after retesting may push the ETH price up by 15% to reach the $2000 mark
- The intraday trading volume of Ethereum was $11.9 billion, an increase of 43%.
Source Tradingview
As of the reporter's press release, the Ethereum price was trading at $1766 and continues to hover above the breaking trend line to check the sustainability of the price at a higher level. Today, the coin price shows a longer price rejection candle chart, indicating that the buyer is trying to defend the support point of the new recovery.
According to the Fibonacci expansion indicators, buyers may push the Ethereum price towards a potential target of $1890 (located at 0.786), followed by a 100% FIB level of $2010.
On the contrary, the daily chart showed a long core rejection candle chart on March 18th and 19th, indicating that sellers are trying to regain trend control. Therefore, as an additional confirmation, the holder should check the suitability of the price for a few days above the trend line that has been breached.
However, if it falls below the trend line, it will be considered a bull market trap and may pull prices back to the support level of $1600.
Technical indicators
Bollinger Belt: Ethereum continuously tests the upper limit of the Bollinger Belt indicator, indicating that prices are attempting to stabilize from the previous upward trend. Therefore, after a brief consolidation, buyers should resume the general recovery momentum.
MACD: There is a significant gap between the bullish ranking of MACD (blue) and signal (orange), indicating that Ethereum has a positive buying momentum.
Ethereum price intraday level-
- Spot price: $1770
- Trend: bearish
- Volatility: Medium level
- Resistance level - $1890 and $2000
- Support level - $1720 and $1670
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