Cryptocurrency News – Current Ethereum analysis Despite the current volatility in the cryptocurrency market, the Ethereum price has shown an impressive recovery by consistently adhering to the diverging trend lines of widening channel patterns.
This developed model indicates a period of increased volatility and indecision between buyers and sellers. Therefore, interested investors can place a direct trade in the second largest cryptocurrency for the maturity of this chart setup.
If the ETH price cannot hold the support point, a significant correction may occur. The 200-day EMA floating near the $1800 level indicates a strong demand zone.
Intraday trading volume for Ethereum is $6.3 billion. This means that there was an increase of 14%.
After witnessing a steady correction for over a week, Ethereum price has fallen to the lower support trend line of the wedge pattern. Daily candles with short bodies and rejections on both sides indicate uncertain market sentiment.
ETH has lost 0.34% in value over the last 24 hours and is trading around $1,885 at the time of writing. In any case, the common result of the ascending wedge formation is that the break below the support trend line accelerates the downward momentum.
A daily candle and a break below the support trend line will indicate that the correction phase is continuing. In this case, the price may fall again to the support level at $1,800.
This support at $1,800, which has been valid for a long time, also coincides with the 200-day EMA level. Therefore, this level may be a level where investors will sell.
Can ETH rise to $2,000?
If the price manages to hold on to the support point for a few more trading days, buyers may target higher levels again and extend the current recovery cycle. This upcoming trend could push the price higher to the resistance level at $2,050. However, for this growth to be confirmed, a definitive break above the resistance point must occur.
