• Ethereum price kicked off with a fine upswing and reached close to $1700 following the rise in Bitcoin’s price.
• Technical indicators suggest that Ethereum price may remain consolidated for a while, before making a decisive move above $1700.
• The ADX & RSI have displayed a bullish divergence along with the MACD flashing a buy signal, indicating that Ethereum price may consolidate and witness slow but steady growth in the short-term.
Ethereum Makes a Comeback
The Ethereum price began with a strong upswing following the surge of Bitcoin’s market cap. It managed to reclaim levels it lost after the collapse of FTX exchange and maintained narrow trading range for some time. However, bears managed to stall its momentum just below $1700, leaving investors confused about its future outlook.
Is Now A Good Time To Buy?
The recent rise in Bitcoin’s price has lifted the entire crypto space and pushed Ethereum towards critical levels of resistance near $1800. In case of bearish reversal, there is strong support base between $1650 to $1550 that could be held tight. Moreover, technical indicators such as ADX & RSI display bullish divergence along with MACD flashing buy signal which means that Ethereum could experience slow yet steady growth if it consolidates for some time.
Analysis Of Chart Patterns
Chart patterns are showing positive signs as they indicate that buying pressure is increasing on Ethereum and pushing it towards resistance levels near $1800. In addition to this, technical indicators such as ADX & RSI have also indicated bullish divergence along with MACD flashing buy signal which shows that there is potential upside in the ETH/USD pair if it remains consolidated in coming days.
What Are The Risks?
Despite technical analysis suggesting an imminent surge above $1800 levels, investors should be aware of certain risks associated with buying at current market prices. As mentioned earlier, bears managed to stall momentum just below $1700 which indicates that there might be selling pressure around this level if buyers fail to break through it in upcoming sessions. Therefore, investors should factor in these risks before making any investment decisions related to ETH/USD pair..
In conclusion, despite chart patterns indicating an imminent surge above $1800 levels for Ethereum price index; buyers should consider risk factors associated with buying at current market prices before making any investment decisions related to ETH/USD pair