Ethereum Price Analysis: ETH/USD is moving within an intraday triangle pattern

By February 29, 2020Ethereum
Click here to view original web page at
  • ETH/USD is range-bound with a bearish bias on the intraday level.
  • The strong resistance is located above the current price.

Ethereum is changing hands at $224.15 with a short-term bearish bias amid expanding volatility. Ethereum (ETH) is the second-largest digital asset with the current market value of $24 billion. While barely changed on a day-to-day basis, ETH/USD has lost 1.45% since the beginning of Saturday.

On the intraday level, ETH/USD is moving within a triangle pattern, which may result in a strong movement depending on the direction of the breakthrough. The upper line of the triangle is currently at $232.85. It is reinforced by SMA100 1-hour at $230. If this resistance area is cleared, the upside momentum may gain traction with the next target at $248.00 (SMA200 1-hour and SMA50 4-hour) closely followed by psychological $250.00.

If the price moves below $220.50, which is the lower boundary of the triangle reinforced by the lower line of 4-hour Bollinger Band, the sell-off will gain pace with the next bearish aim at $210.57 (the recent low hit on February 27). This area is likely to slow slow down the downside trend and trigger the rebound; otherwise, the price will quickly move down to test $200.00.

ETH/USD 4-hour chart

Resistance 1 - $228.00 (38.2% Fibo retracement daily, $23.6% Fibo retracement weekly, SMA10 4-hour);

Resistance 2 - $230.00 (SMA200 4-hour, 23.6% Fibo retracement daily)

Resistance 3 - $237.00 (38.2% Fibo retracement weekly)

Current price - $225.00

Support 1 - $222.00 - the lowest level of the previous 4-hour

Support 2 - $261.00 - the lower line of the daily Bollinger Band, Pivot Point 1-day Support 1

Support 2 - $210.00 - the lowest level of the previous week


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

The strong resistance is located above the current price.

Ethereum is changing hands at $224.15 with […]

Leave a Reply