The Ethereum price is currently trading at $1810 and is showing indecisive price movement in the daily chart. However, despite broader market choppiness, the ETH price response to the rising trendline and horizontal resistance of $1838 projects the ascending triangle formation.
The most common outlook for this pattern is a bullish breakout from the horizontal neckline resistance. This potential breakout may raise the price by around 3% to immediately challenge the resistance trendline of the wedge pattern.
This chart pattern governs the ongoing correction in Ethereum price, and therefore, its completion is crucial for buyers to kickstart a new recovery rally. The potential recovery could push the ETH price to the last swing high, which is around $2000.
Conversely, a breakdown below the triangle support will extend the retracement phase for a few more trading days.
Technical Indicator
- Moving Average Convergence Divergence (MACD): A potential bullish crossover between the MACD(blue) and the signal(orange) line would encourage buyers to challenge the resistance trendline.
- Bollinger Band (BB): The lower band of the BB indicator still extending downward indicates the selling momentum is still active.
Will Ethereum Price Revisit $2000 Before May End?
For Ethereum’s price to hit $2000, it needs a 10% growth in the remaining 10 days of May. While this price jump is achievable for the given time, the ongoing uncertainty in the market has reduced those chances considerably. Therefore, the coin holders must wait for a significant signal like a wedge pattern breakout before expecting the $2000 target.
Conclusion
The Ethereum price is currently trading in a narrow range and is showing indecisive price movement. However, the ascending triangle pattern could propel the price to $2000 in May. However, the ongoing uncertainty in the market has reduced those chances considerably. Therefore, the coin holders must wait for a significant signal like a wedge pattern breakout before expecting the $2000 target.
