During the past seven days, ETH prices have been trapped within a symmetrical triangle pattern that is formed by connecting swing lows at $631.46, $1,170.83, and $1,179.79. This bearish continuation pattern is usually preceded by a sharp decline in the markets. Blog Post: https://bitquick.zendesk.com/entries/26373059-Ethereum-Price-Analysis-Bulls-Aim-Breakout-With-Symmetrical-Triangle-At-2400
The price of ether, the cryptocurrency that powers the Ethereum blockchain, is looking to break out from a symmetrical triangle chart pattern that has been tightening since mid-May. The chart pattern is a continuation signal, meaning that Ethereum’s price will likely break above the triangle and continue to rise.
Last week, the Ethereum price stayed above the triangle support for a second time, signaling the likelihood of an upward breakout. If the price breaks above the $2,400 mark, Ether (ETH) could rally to $3,000.. Read more about eth news today and let us know what you think.TL;DR
- Ethereum price analysis shows that a drop to $2,200 could be bullish.
- The appearance of a symmetrical triangle in the rising channel is interesting.
- A breakout could occur if the pair closes above the $2,500 level.
- The breakout stopped near the 50-day simple moving average.
Coin360 crypto-currency heatmap Ethereum bulls have reason to rejoice as the emergence of a symmetrical triangle drives the price channel higher. The price is trading at $2,430 and is close to the 50-day simple moving average, encouraging new buy orders. A constructive trading pattern over the weekend could reinforce the bullish rebound. A strong recovery from the low of 23. Can help turn the price channel into an upward movement. On the downside, price has good support at the $2,042 level where the selloff could weaken. Ethereum price analysis shows that the drop to $2,200 was well received by buyers, and the pair quickly rallied to $2,400, close to the 100-day MA. Symmetrical triangle on the hourly short term chart. According to Ethereum price analysis, ETH/USD has crucial support at $2,330 and then at $2,200. The price is meeting strong resistance at $2,470 and then at $2,650. Unlike bitcoin, which is showing subtle signs of recovery, ETH is doing relatively well, reaching $2,900 earlier this week.
Ethereum price movement in the last 24 hours: Held within Bollinger BandsHeld within Bollinger Bands
Over the past 24 hours, the ETH/USD pair has tried to make a breakout, but is stuck below the $2,500 level. The pair is trying to break through the $2,600 level and the Bollinger Bands are showing a range of $2,900 to $2,170. This week’s high at $2,900 is proving to be new resistance near the 0.382 Fibonacci level. When the currency tried to break above $2,900, initial support at $2,200 helped the bulls stabilize the decline. Bulls have strong protection near the $2,200 level, which also represents 0.618 Fibonacci resistance for the advance of the pair. A symmetrical price chart helps the price channel move up and above the upper Bollinger Band. According to Ethereum’s price analysis, the top of the triangle also forms a breakout pattern. The pair is experiencing strong resistance at $2,470 and then at $2,645. If the bulls manage to close the pair above $2,740, they will likely face strong selling pressure around $2,987, where the Fibonacci resistance at 0,382 attracts sellers.
ETH/USD 4-hour chart: Sellers looking to short positions near $2,445
Ethereum price chart from TradingView At this point, sellers are also looking for active shorting strategies. The price has cumulatively retreated from the $2,440 level and found support at $2,350. The RSI on the daily chart is on the upward trend, trying to reach the 53 level. Bullish momentum may well lead to a cross on the MACD chart. Ethereum price analysis shows that a constructive rise towards $2,900 excites the bulls. The 50-day simple moving average supports a symmetrical triangle on the charts. The current price action also supports a bullish view. The only factor that could dampen this optimistic sentiment is the general weakness of the cryptocurrency market. The bullish configuration on the hourly chart’s hammerhead candlestick continues to drive the daily charts. The increased volume is also helping the bulls overcome intermediate resistance on their way to $2,900. The current price action also consolidates the double bottom pattern and will favor the bulls.
Ethereum Price Analysis Number: ETH is ready to go over $2,500
A 70% increase from a low of $1,900 to a high of $2,900 on the 26th. May shows that the ETH bulls are back in action. The volumes and liquidity are there, the only thing missing is a spark from the technical indicators. The rally to $2,900 was not just a dead cat bounce, but rather a constructive rally. Analysis of the Ethereum price shows that the bears might try to launch another short rally to push the price towards $2,000. If the bears are able to drive the price down further, the bulls will likely take the opportunity to buy more ETH. Ethereum price analysis shows that bulls are targeting the $3,369 level in the long term. Sellers will be close to the strategically important 200-day simple moving average to trigger a further decline. At $2,000, institutional investors and large traders will certainly participate in the accumulation phase. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The symmetrical triangle on the Ethereum/USD chart shows that the $2,400 level will be a major breakout point for the bulls, that could lead to a move towards the next resistance at $2,900. While the stochastics are in the overbought territory and the RSI remains well into the overbought territory, the price has moved above the 20-period EMA and is now trading above the 50-period EMA. There is probability of price rise by $10 in the next two days.. Read more about will ethereum crash 2021 and let us know what you think.
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