Ethereum (ETH) Price Watch: ready for a triangular breakout?


Ethereum Key Price Highlights

  • The Ethereum price has formed lower highs and lower lows to create a symmetrical triangle on the 1 hour chart.
  • Price is testing the top of the triangle and may be due to a rebound.
  • Ethereum is also approaching the peak of training, so a possibility in both directions is also a possibility.

Ethereum is consolidating within a symmetrical triangle scheme and testing the resistance.

Technical Indicator Signals

The 100 SMA is above the 200 long-term SMA to indicate that the path of least resistance is on the upside. In other words, resistance is more likely to break than to maintain or sustain, more likely to stop than to stop.

RSI is pointing to overbought conditions, however, and lowering could bring sellers back. In that case, ethereum could follow the example and go back to the bottom triangle near $ 280. Stochastic has a bit of room to go up, so buyers could get the upper hand for a while. more.

A move beyond the resistance of the triangle and a psychological level of $ 300 may indicate that an uptrend is underway. This could last about the same height as the chart model, which ranges from $ 250 to $ 330.

  ETHUSD Chart from TradingView

ETHUSD Chart from TradingView

Ethereum joins most of its peers cryptocurrency in the recent highest pop, which is returned to investors by anticipating the SEC decision on the ProShares bitcoin ETF application. This was filed in December of last year, so the regulatory authority can no longer extend the deadline for August 23rd.

Of course a denial could bring a blow to the cryptocurrencies, forcing the eternal back to the bottom of the triangle or even to a break down. The approval, on the other hand, could stimulate expectations of the same decision for the other bitcoin ETF questions due to a ruling by the end of September.

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