The Ethereum coin price shows the formation of a cup and handle pattern in the daily time frame chart. In response to this pattern, the altcoin is currently experiencing minor corrections, which is likely to plunge the prices to $1500 support. However, this pullback is part of the aforementioned pattern and could offer exponential growth in the near future.

Key Points: 

• The Ethereum price needs a $1680 breakout to resume the bullish rally.
• A bearish divergence in the daily RSI slope increases the chance of a temporary pullback. 
• The intraday trading volume in Ether is $10.5 Billion, indicating a 10% gain.

Source- Tradingview

Amid the growing bullish sentiment in the crypto market, the Ethereum coin price showed a U-shaped recovery in the daily time frame chart. This bull run registered 42.3% gains in the first three weeks of 2023 and pushed the altcoin to a local high of $1680.

However, the ETH coin price reverted from the $1680 resistance immediately, suggesting the bullish momentum must have been exhausted. Moreover,  this resulting pullback is important for the Ethereum price to neutralize the prior recovery rally.

Anyhow, this corrections phase is currently shaping the handle formation of the cup and handle pattern and trying to recuperate the bullish momentum. By the pressure time, the altcoin currently trade at $1617 and continues to wobble between $1500 and $1680.

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Furthermore, If the selling pressure persists, the altcoin could tumble 6.3% down to revisit the $1500 support. The traders looking for an entry opportunity can consider entering at this pullback.

However, under the influence bullish pattern, the ETH price is well likely to breach the $1680 neckline resistance in the coming weeks. This breakout will trigger the bullish pattern and offers a safer entry opportunity for traders.

Thus, in ideal bullish conditions, this breakout could lead to a sustained recovery to the $2250 mark.

Technical Indicator

RSI: the daily-RSI slope turned down from the overbought region indicates the prices are trying to neutralize the excessive buying activity to resume the prior recovery rally.

EMAs: a potential bullish crossover between 20-and-200-day EMA at the $1500 mark increases the support strength of this level.

Ethereum Coin Price Intraday Levels 

• Spot rate: $1606
• Trend: Bearish
• Volatility: High
• Resistance level- $1680  and $1800
• Support level- $1500 and $1350

The post Here’s How Ethereum Coin Price Could Resume The Prior Bullish Recovery appeared first on CoinGape.