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- Ethereum is about to reach the price target determined by the formation of the ascending triangle.
- The one-hour chart flashed the sell signal in the TD sequential indicator.
The world’s # 2 cryptocurrency dropped sharply from $ 475 to $ 320.25 between September 2 and September 23. Since then, buyers could regain control and push the price higher in an ascending triangle formation. As previously reported by FXStreet, the price target for ETH, determined by the triangle, is around $ 475. Buyers are currently on the verge of breaking out of this level.
Ethereum soon for $ 500
The bulls have had complete control of the market in the past five days as the smart contracts platform has moved from $ 380 to $ 460. The price has already been rejected by the $ 475 resistance barrier. If buyers manage to break out this problem, they should be able to reach $ 500.
1 day ETH / USD chart
IntoTheBlock’s In / Out of the Money Around Price (IOMAP) displays strong resistance and support walls. According to the IOMAP, the initial resistance levels are not that strong. Therefore, a break above the $ 475 barrier should bring ETH up to $ 500.
ETH IOMAP
However, it’s not all plain sailing for shoppers. The 1 hour chart for ETH / USD showed the sell signal via the green-nine candle of the TD sequential indicator. This should require a short-term retracement before the price rises and breaks above $ 500.
1 hour ETH / USD chart
The IOMAP shows that there are two supporting walls at $ 420 and $ 400. These two walls should be strong enough to absorb an enormous amount of selling pressure. If the bears somehow manage to break below these levels, the next viable support is at the 200-day SMA ($ 300).
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