Ethereum Price Analysis: ETH/USD is ready to break from the triangle pattern

By May 6, 2020Ethereum
Click here to view original web page at www.fxstreet.com
  • ETH/USD has recovered from the intraday low and bumped into an upper line of a triangle pattern.
  • A move above $210.00 will increase upside momentum with the next focus on $220.00.

ETH/USD is changing hands at $209.76. The second-largest digital asset has recovered from the intraday low of $202.14 and gained over 2% since the beginning of the day. Ethereum is moving within a short-term bullish trend amid high volatility. The coin’s market capitalization is registered at $23.3 billion, while an average daily trading volume is set at $19 billion.

ETH/USD: Technical picture

On the intraday charts, ETH/USD cleared the resistance created by 4-hour SMA100 at $208.00; however, it is still below psychological $210.00. The price stopped short of the upper line of a triangle pattern that separates us from and extended recovery towards $215.00 guarded by the upper line of the 4-hour Bollinger Band, and the recent high $227.35. Considering the upward-looking RSI, the upside breakthrough looks likely at this stage.

On the downside, the local support is created by the above-said 4-hour SMA50. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the intraday low on approach to $202.14. It is closely followed by psychological $200.00 and the upside trend line at $198.30 reinforced by 4-hour SMA100.

ETH/USD 1-hour chart


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

A move above $210.00 will increase upside momentum with the next […]

Leave a Reply