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Ethereum Key Price Highlights
- Ethereum has formed lower highs and lower lows to create a symmetrical triangular pattern on the 1-hour chart.
- The price is currently rebounding support and may be due to another test of the best.
- Ethereum is also approaching the peak of the triangle pattern, so a break could occur at any time.
Ethereum continues to consolidate into a symmetrical triangle on its 1 hour chart and may soon be ready for a breakout. [19659006] Technical Indicator Signals
The 100 SMA is above the 200 long-term SMA to signal that the path of least resistance is towards the top. This suggests that support is more likely to break than resistance, or that resistance is more likely to break rather than hold up.
If this last occurs, ethereum could rise about $ 60 or the same height as the triangle formation. Similarly, a break below the support could be followed by a fall in the same height. It seems that the price is finding resistance to the 100 SMA dynamic inflection point.
RSI also points south to report that sellers have the upper hand. A break below the 200 SMA dynamic support could signal that downward pressure is accumulating and that there are more losses in the cards. Also the Stochastic is turning lower without hitting the overbought levels,
ETHUSD Chart by TradingView
Investors seem to be leading the SEC decision on bitcoin ETF applications as this would have great repercussions on the rest of the sector. This would not only allow a greater flow of institutional and retail money, but would also set a precedent for other cryptographic titles. Meanwhile, analysts are also aiming to record high leveraged positions on ethereum, which could be indicative of one extreme market.
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