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Ethereum approaching the apex of an ascending wedge while the bulls are preparing for a higher pause



Ethereum has seen a small price increase of 0.71% in the last 24 hours of trading. The cryptocurrency is currently trading at a price of $ 224.66 after suffering a small price drop of 2.85% over the last 7 trading days.

Key points:

  • Ethereum continues to trade in a period of consolidation while the market moves sideways.
  • It is currently trading in support provided by the Fibonacci 382 retrace at a price of $ 222
  • Support to move forward; $ 212, $ 202, $ 200, $ 188, $ 180.
  • Resistance advancing; $ 288, $ 245, $ 253, $ 268, $ 276, $ 288, $ 300.

The ETH / USD market has been traded sideways as the market approaches the apex of the ascending triangle. Typically, a market is approaching the pinnacle with a large wave of volumes that most Ethereum owners craved.

Ethereum continues to maintain its second position in terms of market capitalization across the industry. It has a market capitalization value of $ 23.01 billion after the 62-month cryptocurrency suffers a 52% price drop over the last 90 trading days. Ethereum is still trading at a lower price of 86% compared to its high historical value.

We continue to analyze short-term price action and highlight any areas of support and resistance.

Price analysis of Ethereum

ETH / USD – SHORT TERM – DAILY DAILY

Price analysis of Ethereum
Source of TradingView chart

Analyzing the market from the short-term perspective above, we can see that Ethereum has continued to trade sideways in its consolidation phase. It is currently trading in support provided by the Fibonacci 382 retracement level at the price of $ 222.78.

In the last 2 weeks, we can see that the market has started to form a growing wedge formation and price action is rapidly approaching the apex of the consolidation model. A break up could be the first falling domino that sees Ethereum rise above $ 300 again.

In the event that the price action does not exceed the rise, we would immediately see significant resistance at the average level of 1.414 Fibonacci Extension level (drawn in green) at a price of $ 253.69. If the bullish momentum can continue even higher, we can expect further support at the shorter Fibonacci extension levels of 1,272 and 1,414 (traced in blue) at the price of $ 268.13 and $ 276.59.

Alternatively, if bears push price action below the triangle, we can expect immediate significant support in the short term. 618 Fibonacci retracement level at $ 202.82. If bears push the market even lower below $ 200, then more support can be expected at the .766 levels and Fibonacci retraction of the .886 at the price of $ 188 and $ 180, respectively.

For a significant uptrend, we will closely observe the RSI indicator in the daily schedule where we expect CSR to make its way towards oversold conditions near the handle 70. As long as RSI can remain above the 50, this should indicate that the bulls have control of the moment in the market.

Summary

Price analysis of Ethereum: Ethereum approaching the apex of an increasing wedge while the bulls prepare for a higher pause

Item name

Price analysis of Ethereum: Ethereum approaching the apex of an increasing wedge while the bulls prepare for a higher pause

Description

Price analysis of Ethereum: Ethereum has seen a small price increase of 0.71% in the last 24 hours of trading. The cryptocurrency is currently trading at a price of $ 224.66

Author

Yaz Shaikh

Publisher name

Coingape

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