Ethereum Price Prediction, Will the Market Spark a Comeback
- Looking at the hourly chart, ETH is currently trading within the confines of the channel
- The daily chart shows that ETH's price was turned away from the upper boundary of the channel
- Following a Doji candle, a Long Wick candle emerged yesterday, signaling selling pressure
For a new uptrend, Ethereum needs to maintain support above $1,750
ETH is taking a breather today after an eight-day rally, with a 2.70% dip, still staying below the $1,800 mark. In the past three days, a Long Wick Candle signaled bearish control. This pullback is attributed to investors and market participants awaiting the release of US Core Price Consumption Expenditure (PCE) data by the US Bureau of Economic Analysis (BEA), which added to the overall market anticipation and tension.
Technical View:
According to Coingabbar Price Analysis, Yesterday, ETH reached a peak of $1,857, approaching the upper trendline that has persisted for a while. Despite making its third breakout attempt, it failed to breach this resistance, leading to a sharp correction that pushed the price below $1,800. However, Ethereum quickly stabilized, finding strong support around $1,750, which marked a turning point and attracted bullish sentiment among investors capitalizing on the price retracement. Presently, ETH is trading within the channel boundaries.
KEY LEVELS :
RESISTANCE LEVEL : $1,820-$1,860
SUPPORT LEVEL : $1,760-$1,720
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
