Ethereum price remains sidelined for the day. The price has appreciated by nearly 15% in the last four days, indicating a probable upside continuation outside of the consolidation.
- Ethereum price trades with a positive bias in a very tight range.
- The $1,720 remained a critical challenge for the bulls to attack.
- However, the rising formation on the weekly chart suggests a bullish bias.
Ethereum price turns north
A miraculous recovery in Ethereum was observed from the swing lows of $882. ETH price on the weekly chart formed a Bullish “ AB=CD” Pattern. The bullish ABCD pattern forms during a downward indicate a potential price reversal, meaning the beginning of a bullish trend.
The three price swings include a drop in price from the A to B level, a correction from B to C level, and another decrease from point C to D level. Ultimately, it creates a zigzag pattern where the D point is the ultimate entry point.
According to this pattern, we can set profit target at ($2,200) or ($3,550). However, in case a strong move is identified, the Fibonacci retracement levels could also be used in the same timeframe.
On the lower side, a breaking of the stop-loss order at $1,500, the price could drop toward $1.200.
On the weekly chart, Ethereum bulls face a challenge near the 20-day exponential moving average at $1,690. As the price produces a daily close above this level then we witnessed a good bullish momentum to achieve the mentioned targets.
Ethereum price on the four-hour chart gave a breakout of an Inverse “Head & Shoulder” pattern. The coin after falling from $2,030 to $1,423, recovered swiftly, & now even formed a reversal Pattern.
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The price gave a breakout of its pattern’s neckline along with the resistance of the 200-day exponential moving average.
If the price is able to sustain above that given level on the daily chart, then we can expect a good bullish momentum of up to $2020
The nearest support could be located near $1,570, whereas the most comparable resistance is $1,750. There is a higher probability of the price to place aggressive bids.
In contrast, a shift in the bearish sentiment could ruin any bullish outlook for the altcoin. A break below the $1,570 level would temper bullish sentiment. And the price could drop to $1,420.
Ethereum price analysis is bullish on multiple time frames. With a decisive break above $1,750 on the hourly time frame, a buy trade is the most feasible course of action for side-lined investors.
As of publication time, ETH/USD is reading at $1,720 with 0.6% gains.
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