The control over Ethereum (ETH) cryptocurrency market was again intercepted by the bears. Therefore, the chart data suggests that the coin will rise to $ 1,800 by April 1 if the bulls defy the $ 1,500 support barrier.
On March 20, sellers broke through the contracting triangle and started dumping Ethereum. The price of the coin fell by almost 19% in four days and reached a local bottom at around $ 1,519 (Bitstamp data). As a result, ETH price rose to $ 1,592 and now is trading above $ 1,580.
The chart demonstrates a contracting triangle formed by the bullish trend lines that started at the end of December 2020 and the downtrend that occurred on February 20. Therefore, within the next week, the asset rate should reach the upper border of the figure, which is now passing at the level of $ 1,880. This scenario is supported by the Market Cipher indicator, which indicates oversold conditions.
If sellers break through the triangle, then the value of ETH will drop below the previous dip ($ 1,290) within the corrective wave C. After reaching the bottom, the first wave of a bullish trend will begin to form, and the rate of the coin will go up again. This hypothesis is confirmed by the fact that the peak taken on March 13 was below the historical maximum.
The hypothesis that the price of Ethereum will no longer fall below is based on the dynamics of changes in the Bitcoin (BTC) rate. On March 13, the price of the coin renewed its historical high, which indicates the continuation of the upward movement. In this case, the last dump represents the second wave of a bullish trend, whose dip will be above the starting point of the first wave.
The Energy Value Oscillator, based on blockchain technical indicators, indicates a continuation of the bull run in the BTC market. The creator of the oscillator, Charles Edwards, predicts a 350% rise in the price of Bitcoin (up to $ 260,000). If the first cryptocurrency flies to the moon, then Ethereum will follow. Therefore, it is still too early to bury the moon mission.