Ethereum Extremely Bullish - Ascending Rectangle Established
Despite BTCUSD breaking through its short run support curve, ETHUSD has remained very strong. Looking at the chart, you can see a few breakthrough rejections in just the past two weeks. Additionally, an ascending rectangle formation has been confirmed due to these rejections.
I can almost assure you that this pattern will continue for some time due to the rectangle's strength so far.
Finally, looking at the RSI, we can see that the price has remained steady after the overbuying that occurred last week. This suggests that investors remain readily available despite the volatility of investment.
I can almost assure you that this pattern will continue for some time due to the rectangle's strength so far.
Finally, looking at the RSI, we can see that the price has remained steady after the overbuying that occurred last week. This suggests that investors remain readily available despite the volatility of investment.
Comment:
Support has rejected the down thrust proving to remain steady. You can expect the support to keep increasing in strength until challenged by the resistance at around $9,000.