Despite the limited volatility seen in the cryptocurrency market, Ethereum (ETH) price has surpassed $2,000, testing levels last seen in May. After this price movement, the king of altcoins has been trying to determine its direction with limited price movements. Now let’s discuss whether Ethereum will fall or rise, its current value in dollars and Turkish lira, and the answers to many other questions.
The Ethereum price has shown a significant recovery by following the support and resistance trend lines of the expanding wedge formation it is currently in. This formation indicates increased movement between buyers and sellers, as well as indecision among investors, offering direct trading opportunities with specific buy and sell points for those interested in the largest altcoin.
After a stable decline lasting more than a week that started around $2,000, the Ethereum price fell to the support trend line (blue line) of the wedge formation. On the daily timeframe, it can be seen that short-bodied price rejection candles were burned on both the resistance trend line and the support trend line of the wedge formation. All these candles reflect the uncertainty in investor sentiment.
A daily candle close below the support trend line of the wedge formation on the price chart of ETH may indicate a continuation of the correction, with a potential target price of $1,776.
The support trend line that has been present for a long time and supported the price, as well as the 200-day EMA (Exponential Moving Average), can make the level around $1,776 a strong bounce point for buyers. The probability of the price bouncing from $1,776 is much higher than the probability of sellers breaking this support level with a low downward momentum. This makes this level an important buying point for ETH.
According to the data provided by cryptocurrency data platform CoinMarketCap (CMC), Ethereum, the largest altcoin with a market capitalization of $227.44 billion, is currently trading at $1,891 against the US dollar with a 0.13% increase during the day. The value of Ethereum against the Turkish lira is at 50,966.