The largest altcoin by market capitalization may continue the current corrective move. The breakout of major support has indeed driven Ether (ETH) into a bearish pattern. Is it a good time to sell ETH towards $1500?
Ether (ETH) rebounds 4%
ETH suffered a fairly significant pullback over the previous week. The drop comes as part of a corrective move past the year’s highest level at $2138. From that high to the current price, this crypto has lost 15% of its value. Then, this decline could continue as ether (ETH) shows a bearish configuration over the medium term, with the breakout of a major support.
Marked in green on the chart below, this is a fairly important medium-term oblique support level. He actually rejected the award more than three times. Thus, the support break could mean a medium-term trend change for Ether (ETH). In this case, one could consider a retracement on this green support, before a descent below $1550.
On a broader optic, the $1529 support will have to hold the price to keep the bullish momentum since the start of the year. This is the 2018 high, which could play a major support role for the price.
Time to take a sell position?
While Ether (ETH) is showing a medium-term bearish setup, this may be an opportunity to sell. In this case, we could wait for a retracement to the right of green support, before selling. The target being the critical support at $1529 which lines up with the 200 day moving average. In addition, this objective is in the zone between the fib levels 61.8% and 78.6% of March 2023. This makes it a buying zone that should not be overlooked.
If ETH manages to breach the previous week’s high, this bearish thesis will be invalid. In this case, ether (ETH) could experience a price explosion, above $2138.
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