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

By May 6, 2020Ethereum
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  • 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

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

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