Ethereum Price Analysis: During March’s third-week recovery in the crypto market, the Ethereum price breached a resistance trendline of a nine-month-long bullish pattern called a symmetrical triangle pattern. Completing this pattern on a bullish note, the Ethereum price is likely to witness a massive rally in April 2023. Here’s how you may capture the upcoming bull run in ETH price.

Key Points: 

• A bullish breakout from $1855 resistance will signal the resumption of the prior recovery rally.
• In the weekly time frame chart, the 20 EMA slope offers pullback support to the rising Ethereum price
• The intraday trading volume in Ether is $5.3 billion, indicating a 27% loss.

Source- Tradingview

With the completion of a symmetrical triangle pattern, Ethereum price is currently witnessing a post-breakout consolidation usually meant to check price sustainability at higher levels and recuperate bullish momentum.

This sideway trend has been restricted between the buying climax of $1855 and the selling climax of $1700 creating a narrow range. Despite the increasing uncertainty in the crypto market, the ETH price managed to sustain above the $1700 support indicating the buyers are defending the newly reclaimed levels.

The lower price rejection candles in the weekly chart are a sign of buying pressure from below and a higher possibility for the bullish uptrend to continue. 

Also Read: Top 6 Liquid Staking Platforms On Ethereum

Source- Tradingview

In the daily time frame chart, the Ethereum price shows a clear view of an ongoing consolidation phase. As of now, the ETH price trades at $1812 and displays its struggles to surpass the $1855 overhead resistance.

The higher price rejection candle in the daily chart projects the overhead supply pressure is high and the price may witness another retest to $1700 before the next recovery cycle begins.

Under the influence of a symmetrical triangle pattern, a potential bullish breakout of $1855 will drive the Ethereum price to $2020, $2400, or $2800.

The long-trades can main a stop loss below the 50-day EMA slope wavering near the $1680 mark

Technical Indicator

RSI(4-hour): A gradual rise in the daily RSI slope reflects a positive sentiment among market participants for steady growth.

EMAs: The Ethereum price wobbling between the 50-and-100-weekly EMAs slope gives extra weightage to the importance of the aforementioned range.

Ethereum Coin Price Intraday Levels-

• Spot rate: $1812
• Trend: Bearish
• Volatility: High
• Resistance level- $1855 and $2020
• Support level- $1700-1680 and $1420