29 May 2023 13:44, UTC
Reading time: ~2 m
Ethereum Price Prediction: After spending the last six weeks under a steady correction phase, the Ethereum price breached the key resistance trendline to resume a bullish recovery. On May 28th, the daily chart shows a decisive breakout from the downsloping trendline, with high volume indicating strong conviction from market buyers. Here’s how this breakout could influence the future trend of ETH prices.
Also Read: ETH To Rally To $2000, Dormant Ethereum Wallet Turns Active in 8 Years
Ethereum Price Daily Chart
- Ethereum price breaks correction momentum with an upside breakout of the wedge pattern
- The ETH price above 100-and-200-day EMA reflects the overall trend remains bullish
- The intraday trading volume in Ether is $7.1 Billion, indicating a 71% gain.
Amid the recent surge in buying activity, the ETH price breached the resistance trendline of a falling wedge pattern. This breakout is an early sign of trend reversal which triggered a significant upswing to higher chart levels.
As of now, the Ethereum price trades at $1899 mark with an intraday loss of 0.5%. This red candle printed could be the selling pressure arising from the profit booking of short-term traders. The coin price may retest the poked trendline as a potential support to check price sustainability.
If the buyers manage to hold the higher levels, the post-breakout rally could raise Ethereum’s market value 12.2% higher to hit $2132.
Will Ethereum Price Surpass $2000?
Completing the wedge pattern on a bullish note increases the underlying buying pressure in the Ethereum price. The breached trendline may act as a strong springboard for buyers to drive the price higher and potentially reach the $2132 mark. However, the coin holders must remain cautious about the in-between resistance of $2000.
- Directional Movement Index: A bullish crossover between D+(blue) and DI-(orange) slope reflects a positive trend in the market. Moreover, an uptick in the ADX slope projects the necessary strength to rise higher.
- Exponential Moving Average: A bullish crossover between the 20-and-100-day EMA increases the buying momentum in ETH.
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