ethereum price, ethereum trading, ethereum technical analysis Ethereum Price Key Highlights Ethereum price had previously consolidated inside a descending triangle pattern, forming lower highs and finding support at 0.00250.
Price made an upside breakout, signaling that further gains are likely.
Before the climb gains traction, ethereum price could still pull back to the broken triangle resistance at 0.00260.
Ethereum price seems to have its sights set higher after breaking out of a descending triangle on its 1-hour chart.
Next Resistance Levels
At the moment, ethereum price is testing the near-term resistance at the 0.00300 level, waiting for more bulls for another leg higher. An upside break past this level could take it up to the next area of interest at 0.00330-0.00350 then onwards to the larger triangle highs at 0.00400. ethereum price, ethereum trading, ethereum technical analysis The 100 SMA is above the 200 SMA, indicating that the path of least resistance is to the upside and that further gains are in the cards. In addition, the short-term SMA is moving farther away from the longer-term SMA, which means that bullish momentum is building up.
RSI is heading north, also confirming that buying pressure is present. The oscillator is already near the overbought area, however, so a return in selling pressure could happen soon.
Stochastic is already indicating overbought conditions and is turning lower, suggesting that sellers could take control of price action. In that case, ethereum price could retreat to the triangle resistance or even back towards support. Long-term Breakout Zooming out to the 4-hour time frame shows that ethereum price also recently broke above a large triangle pattern, adding confirmation that an uptrend is underway. Meanwhile, bitcoin has been weakening against the US dollar recently, breaking below its own consolidation pattern.The US dollar has drawn support from the […]